whalewatch

Inside the mind of a trader who refuses to blink
This wasn’t just a bad trade.
This was a brutal week.
For seven straight days, one whale-sized trading account has been bleeding — slowly, relentlessly — until the unrealized loss hit its worst level since October 2025. By the time markets calmed, the damage was already deep.
And yet… instead of cutting risk, this trader did the opposite.
They added more margin.
📉 A Portfolio Under Water — But Not Panicking
Right now, the entire book is effectively one giant directional bet:
• $794.5M in perpetual futures
• Zero shorts
• 100% long exposure
When BTC wicked down near $86,000 and ETH slipped to around $2,787, unrealized losses briefly ballooned close to $90M. As prices bounced slightly, the loss settled back to around $73–74M — still massive,
still painful.
Total unrealized PnL now sits near –$69.7M, with ROE around –45%.
Ugly numbers.
But structurally? Shockingly calm.
🧱 The Core Positions Holding the Line
ETH — the elephant in the room
The largest position by far is a 5x cross long in Ethereum:
• Size: ~$644M
• Exposure: ~223,000 ETH
• Avg entry: ~$3,161.85
• Unrealized loss: >$62M
Despite the drawdown, liquidation sits way down near $2,187, protected by a $128.8M margin buffer. Painful — but not dangerous.
BTC — bleeding, but controlled
A 5x cross long worth ~$87.8M:
• Entry: ~$91,506
• Unrealized loss: ~$3.65M
• Margin: ~$17.6M
Again, no flashing liquidation alarms.
SOL — the spicy add-on
A 10x cross long, ~$62.6M in size:
• Entry: ~$130.19
• Price hovering near: ~$122
• Floating loss: ~$4M
High leverage, yes — but still within tolerance.
💣 The Moment That Changed Everything
Here’s the part that made traders sit up.
After being inactive for ~45 days, this wallet suddenly wired in another $20M USDC as margin… 12 hours ago.
No hedge.
No reduction.
Just more collateral.
That single action says more than any chart ever could.
🧠 What This Really Signals
This isn’t liquidation avoidance panic.
This is conviction under fire.
The trader isn’t reacting emotionally — they’re extending their runway. Liquidation isn’t even close right now. But the question hanging over the market is simple:
👉 How long does patience last if price doesn’t cooperate?
Because when a whale this deep stays calm…
Markets usually don’t ignore it for long.
Wallet: 0xb317d2bc2d3d2df5fa441b5bae0ab9d8b07283ae
👀 All eyes are on this book now.
$BTC | $ETH
#WhaleWatch #CryptoTrading #BTC #ETH #MarketPsychology

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