Whale’s ETH/XRP/DOGE Longs Suffer Over $32M Floating Loss
A major crypto whale who once profited by shorting ASTER against Binance CEO CZ’s trades has seen gains evaporate after opening leveraged long positions in Ethereum (ETH), XRP and Dogecoin (DOGE). On-chain data reveals:
• The whale’s 15× ETH long is down $19.91 million after stop-loss liquidation of 5,000 ETH, with a current liquidation price at $2,539.51.
• A 10× XRP position shows an $11.85 million floating loss.
• A 5× DOGE long now carries a $1.259 million deficit.
Since the “10/11 flash crash,” the whale earned over $39.88 million through seven short trades, including a $10.66 million profit on ASTER shorts. The sudden reversal on high-leverage longs highlights the risks of margin trading, volatile price swings and the potential for rapid drawdowns in crypto. Traders should monitor on-chain indicators and manage leverage to mitigate similar losses.
Bearish
The news of a prominent whale incurring over $32 million in floating losses on leveraged ETH, XRP and DOGE longs is bearish for several reasons. First, it underscores the high risks inherent in margin trading; large unrealized losses can trigger panic selling, driving prices down further. Second, on-chain transparency of whale positions often influences retail and institutional sentiment—publicized losses may prompt others to de-risk or unwind positions. Third, parallels with past episodes (e.g., May 2021 ‘DeFi summer’ liquidations) show that concentrated liquidations can cascade, increasing volatility and eroding market stability. In the short term, expect elevated sell pressure and cautious trading around key support levels. Over the long term, these events may lead traders to adopt lower leverage ratios and diversify risk, but confidence could take time to recover.