One crypto whale is sitting on nearly $70 million in unrealized losses — yet liquidation is nowhere near.
After a week of heavy downside, the trader’s perpetual book now holds $794.5M in long positions, with zero shorts. The portfolio is concentrated across three assets:
$ETH $644M 5x long, down over $62M, liquidation near $2,187
$BTC : $87.8M 5x long, down $3.6M
$SOL : $62.6M 10x long, down $4M
Total unrealized PnL: –$69.7M
ROE: –45%
The critical signal came 12 hours ago: after 45 days of inactivity, the whale added $20M USDC as fresh margin.
No hedging.
No position reduction.
Only more collateral.
This is not capitulation — it is conviction.Liquidation is distant.
The drawdown is real.
The patience test has begun.
