A major cryptocurrency whale associated with Matrixport is currently underwater on a substantial long position in Ether, holding 120,000 ETH ($224.5 million) with unrealized losses exceeding $46 million, according to on-chain data from LookOnChain shared via X (formerly Twitter).
Beyond mark-to-market losses, the whale has already incurred $1.78 million in funding fees on the leveraged position, further eroding profitability. The trader faces multiple liquidation price levels at $1,573.93, $1,515.91, $1,416.52, and $1,355.83, suggesting the position carries heightened liquidation risk should ETH decline further or volatility spike.
The position underscores risks inherent in large leveraged bets during periods of ETH price pressure. With such substantial collateral at risk across multiple liquidation tiers, any sharp downside move could trigger cascading losses and force positions into forced unwinding, potentially adding downward pressure on Ether prices.