Whale Holdings Depth Analysis: 21,850 Ethereum currently with an unrealized loss of $6.24 million, leverage amplification risk becomes prominent

According to on-chain data monitoring, a major Ethereum whale has recently signaled a strong bullish stance. This player has withdrawn over 21,850 ETH in batches from centralized exchanges between December 5 and December 15, totaling approximately $70.6 million. Based on an average cost of $3,231, at the current Ethereum price level of $3.22K, this whale’s unrealized loss has already exceeded $6.24 million.

Positioning and Leverage Strategy

Interestingly, this whale has not stored all chips in cold storage. On-chain analysis shows that its holdings are managed across multiple wallet addresses, with a key address engaged in cyclic long positions. Specifically, this address has collateralized 18,706.9 ETH as collateral and simultaneously borrowed 31.34 million USDT for leveraged trading. The current health factor is 1.41, indicating that while liquidation risk is not imminent, the account’s risk tolerance is relatively limited.

On-Chain Dynamics and Risk Assessment

From the timing of transactions, this whale’s continuous buying strategy suggests an optimistic outlook on Ethereum’s medium-term trend. The most recent withdrawal occurred 6 hours ago, with a single withdrawal of 2,000 ETH, demonstrating that it remains enthusiastic about building positions at high levels.

To understand the scale of this transaction, note that the unrealized loss of $6.24 million is equivalent to the trading volume of thousands of ordinary users, highlighting the influence of institutional-level whales in the market. Such large positions, when combined with leverage, can trigger chain liquidations if the market reverses, thereby impacting market liquidity and price movements.

On-chain analyst monitoring data provides us with a window into the movements of major market players, which is of great significance for understanding institutional capital flows and market sentiment turning points.