MajiDage’s $13.2M ETH Leveraged Long Position Doubles Gains
A whale opened a 25× ETH leveraged long position on October 12, staking $9.5 million in initial margin for roughly 18,960 ETH. By October 14, the position had accrued $9.94 million in unrealized profits, effectively doubling the initial margin. On November 9, on-chain data shows the whale, known as “MajiDage,” continued to add to this ETH leveraged long position in small increments. The holdings now total 3,900.3333 ETH, worth about $13.238 million, with a liquidation price at $3,322.35.
This steady accumulation demonstrates a strong bullish bet on Ethereum’s short-term upside. Significant whale activity and high leverage can drive momentum, attracting trend traders and increasing volatility in crypto derivatives markets. However, the elevated liquidation risk underscores the need to monitor ETH price action, on-chain metrics, and liquidation levels to anticipate potential market swings.
Bullish
Large-scale whale accumulation of an ETH leveraged long position signals strong bullish sentiment. The doubling of initial margin profits and continued additions by MajiDage reflect confidence in Ethereum’s price upside. In the short term, this may attract momentum traders and amplify bullish momentum in derivatives markets. However, the elevated leverage at 25× increases liquidation risk, which could trigger sharp corrections if ETH price falls. Overall, the news is bullish for ETH, though traders should remain cautious of potential volatility from high-leverage liquidations.