Largest On-Chain ETH Long Position of 224 million Reaches Breakeven Point, Realizes $12.9 million Profit

BlockBeats News, May 8th, according to Hyperinsight monitoring, on-chain data shows that the largest ETH long position whale, "BIT-affiliated whale," with a $224.7 million holding, has returned to near its cost basis. It has strategically spread its position across four addresses on Hyperliquid, longing a total of 99,000 ETH. These positions were significantly increased on April 30th, with an overall leverage of approximately 18x.

Based on a four-address fund-weighted calculation, the whale's average entry price is around $2,270. As the ETH price retraced, it quickly gave back approximately $12.9 million in unrealized gains within 2 days, with a total funding fee loss of $350,000.

It is reported that these addresses belong to the digital financial services group BIT (formerly Matrixport), which has repeatedly received fund transfers from within its ecosystem. Previously, they had taken multi-million-dollar ETH long positions, yielding over $50 million in profits.

Addresses:

Address: 0xa5b0edf6b55128e0ddae8e51ac538c3188401d41

Address: 0x6c8512516ce5669d35113a11ca8b8de322fd84f6

Address: 0xa875890465dA20062bCF3b024Bf7d54E69C725a8

Address: 0xfd423284f6a9c73a2a3d53cab8921d6533533d97