A certain whale, possibly under pressure from funding fees, has converted its NEAR long position into spot holdings.

BlockBeats news, September 28th, according to TradingBeats monitoring, a certain whale is adjusting its holdings by gradually closing NEAR contract long positions while simultaneously buying an equivalent amount of spot. It already holds approximately 738,700 NEAR spot, valued at $3.8008 million (address 0x089f).

On September 23rd, the whale held approximately 1.1834 million NEAR contract long positions, with an average entry price of $4.468, and the earliest visible leverage setting was 1x. Since September 25th, it has continuously executed multiple sets of futures-spot position swaps, and today launched a 24-hour TWAP plan for 400,000 NEAR.

This round of the plan is approximately 53% complete, with about 188,000 NEAR remaining to be executed. Currently, the remaining contract long positions are valued at $2.2877 million, with unrealized profit of $301,800; the combined spot and contract exposure is still approximately 1.1832 million NEAR, close to the previous scale.

The whale has cumulatively paid approximately $12,300 in funding fees for this round of NEAR contract positions. Closing equal amounts of longs and buying spot preserves the original bullish exposure, possibly intended to reduce ongoing funding fee expenses. If this round of TWAP continues to be executed, the plan will end at around 02:12 tomorrow.

In addition, the whale still holds a large amount of ZEC spot, valued at approximately $13.9824 million. It plans to sell at $1,725 to $1,775.