Whale Adds to SOL Long as Losses Mount
The post Whale Adds to SOL Long as Losses Mount appeared on BitcoinEthereumNews.com.
A major crypto whale has once again made a bold move in the derivatives market, doubling down on its long position on Solana (SOL) despite mounting losses across multiple trades. As the price of SOL dipped, the trader deposited another $4 million USDC into Hyperliquid, a decentralized perpetual trading platform, signaling continued confidence in an SOL rebound. This additional deposit suggests that the whale is leveraging more capital to support its long position, betting that the current downturn is temporary and that a price recovery is imminent. However, the broader market conditions remain volatile, raising concerns about whether this strategy will pay off or deepen existing losses. While the whale’s conviction in SOL remains strong, the trading history tells a different story. The whale has already suffered $6.9 million in losses, including funding fees, across its long positions in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). According to on-chain data from Hyperliquid, the whale’s portfolio is deeply in the red, with significant unrealized losses piling up.BTC Long: Down $595K, with an entry at $99,621.5 and current price at $95,587.ETH Long: A massive $1.79M loss, with an entry at $3,168.68 and current price at $2,683.SOL Long: The biggest drag, with a $3.72M loss, as the entry price of $229.94 is now far above the current market price of $167.82. Additionally, funding fees continue to erode the whale’s balance, with $85K lost on BTC, $679K on ETH, and $12K on SOL, adding to the already significant drawdown. Hyperliquid Portfolio at Risk: Is the Bet Worth It? With 20x cross-margin leverage, the whale’s open positions remain at high risk of liquidation. Currently, liquidation levels stand at: BTC: $40,920,ETH: $504.10 and SOL: $31.36. Should the market continue its downward trajectory, these levels could come under threat, forcing the whale to either add more collateral…
Filed under: News - @ February 19, 2025 6:27 am