According to on-chain analytics platform Lookonchain (@lookonchain), a trader who opened over $100 million in ETH short positions yesterday has closed the position, incurring a loss of approximately $260,000. Subsequently, the trader switched to a long position on BTC, opening a 20x long position of 175.04 BTC, worth approximately $13.43 million.
Trader closes $100M ETH short position and shifts to a 20x BTC long worth $13.43M
TechFlowShare
Summary
A trader recently closed a $100 million ETH short position, incurring a $260,000 loss, and opened a 20x leveraged long position in BTC. The new position consists of 175.04 BTC, valued at approximately $13.43 million. Such shifts are common in position trading strategies, driven by evolving market conditions. This move signals a strategic pivot toward long-term Bitcoin investment.
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