BTC OG whale leverage liquidation edge: $78.3 million unrealized loss, ETH short liquidation price just around the corner

【BlockBeats】 Recently, the market has been turbulent, and an old whale address has caused some concern.

This “BTC OG Insider Whale” (0xb31) has been increasing positions since yesterday to average down ETH and SOL. As a result, prices continue to fall, and the unrealized loss on his long positions has expanded to $78.3 million. The total holdings in his account are approximately $694 million, with only $15.92 million in margin remaining, making the situation quite tense.

His main positions are as follows:

ETH Long: 5x leverage, holding $573 million worth, average price $3,147, now with an unrealized loss of $66.77 million (58% decline), liquidation price at $2,150. This is the biggest pressure point.

BTC Long: 5x leverage, holding $85.18 million, average price $91,500, unrealized loss of $6.32 million (37% decline).

SOL Long: The most exaggerated, 20x leverage, holding $31.57 million, average price $135, unrealized loss of $5.21 million (a 292% decline).

The flow of funds indicates his trading rhythm. From the evening of December 7 to the morning of December 8, he transferred $70 million from a major exchange wallet to Hyperliquid, then opened a 5x ETH long position at an average price of $3,048. On the 10th, he transferred another $50 million to add to his position, and on the 12th, transferred another $110 million. He has been continuously adding to his positions in recent days, resulting in increasing losses.

Interestingly, the background of this address is notable. It is an early BTC player who once held over 50,000 BTC, remained dormant for 8 years, and later gradually exchanged some BTC for ETH. More intriguingly, his timing of operations has repeatedly been highly synchronized with certain policy movements — for example, just hours before the big drop on October 11, he set up a $500 million BTC short position, later making nearly $100 million in profit. This operation has also drawn market attention. It is said that a certain exchange CEO mentioned that this address is related to his clients.

The current situation is that although he still has margin, as the market continues to decline, ETH longs are getting closer to liquidation prices, and the risk continues to rise. Such large leveraged positions in volatile markets are like walking a tightrope — one step away from triggering a liquidation.