Large whale goes all in on Bitcoin and Ethereum with 12x leverage

A major crypto whale is betting heavily on a rise in both Bitcoin and Ethereum. Using 12x leverage, the trader opens two substantial long positions, where a relatively small price drop is enough to liquidate the positions.

Bitcoin is available at OKX and Bybit.

Two massive high-risk positions

The whale opens a long position of $34.5 million on Bitcoin and a long position of $21 million on Ethereum, both with 12x leverage. This means that the total exposure far exceeds the actual capital deployed. At the moment, the Bitcoin price stands at $64.000, a drop of 1.5% over the past 24 hours.

The risks are considerable. The liquidation price for the Bitcoin position stands at $59.680, while Ethereum is liquidated at $1.670. That is only a drop of about 6.8% from the current Bitcoin price to forced closure. The Ethereum price currently stands at $1.855, also close to the dangerous level.

Losses already mounting while positions remain open

A screenshot from the Hyperbot dashboard shows that the positions are not doing well. The unrealised profit and loss (uPnL) stands at a loss of $738.347. The total weekly PnL for perpetual futures is negative $351.128, while the ROE comes out at a loss of 11.68%.

The whale’s total exposure is 100% long, without any short position as a hedge. This makes the strategy particularly vulnerable to further price drops. Analysts had previously warned of a possible dip towards $61.000, which would bring this whale’s liquidation price dangerously close. Whether the whale manages to survive the positions depends entirely on a recovery of the Bitcoin and Ethereum price in the short term.