Whale with 1,000 BTC long position faces a floating loss of 6.5 million, pressure from high-leverage building positions.

2026-01-21 03:00:24

The swing whale “pension-usdt.eth” is under pressure with its bet on building a position at high BTC levels. According to on-chain monitoring, this whale’s 3x leveraged long position of 1,000 BTC (approximately $91.53 million) has already unrealized losses of $6.54 million, with an average entry price of $95,614.5. The unrealized loss was triggered when Bitcoin briefly fell below $88,000 this morning. The pressure on this large leveraged position warrants attention.

Whale’s Positioning Background and Current Situation

Entry Timing and Strategy Shift

After closing ETH long positions on January 16, pension-usdt.eth immediately switched to a long position on BTC. This transition occurred while Bitcoin was still at high levels, with the whale choosing an entry price of $95,614.5 as the average build-in price. From a timing perspective, this represents a strategic adjustment in swing trading, shifting from ETH to BTC.

Position Size and Leverage Risk

Indicator	Value
Position Quantity	1,000 BTC
Leverage Multiple	3x
Position Value	Approximately $91.53 million
Entry Price	$95,614.5
Current Price	$89,003.57
Unrealized Loss	$6.54 million
Loss Percentage	About 7.1%

Market Context and Downward Pressure

Recent BTC Adjustment

Data shows that Bitcoin has declined 6.70% over the past 7 days, with a 24-hour drop of 3.84%. This level of correction has already exerted substantial pressure on a 3x leveraged position. The whale’s entry at $95,614.5 indicated a relatively optimistic outlook at the time, but subsequent market adjustments have shattered that expectation.

Sensitivity of Leveraged Positions

A 3x leverage means that a 1% price movement is amplified threefold. A drop from $95,614.5 to $89,003.57, roughly a 6.9% decrease, translates into about a 20.7% unrealized loss on the principal under 3x leverage. The $6.54 million unrealized loss aligns with this calculation.

Subsequent Risks and Focus Points

Liquidation Pressure

Although this position has not yet reached the forced liquidation threshold, the unrealized loss is already significant. If Bitcoin continues to decline, it may approach the whale’s risk tolerance boundary. Large on-chain liquidations by whales often impact the market.

Market Signals

The whale’s positioning and unrealized losses also reflect current market uncertainty. Building a position at high levels and facing pressure shortly after suggests that support at this price level may be weaker than expected.

Summary

The swing whale pension-usdt.eth’s 1,000 BTC long position with an unrealized loss of $6.54 million highlights the current correction pressure in the Bitcoin market. This large leveraged position faces not only paper losses but also potential liquidation risks. From a market perspective, this also indicates that support around $95,000 for BTC may not be as solid as hoped. Moving forward, attention should be paid to the position’s development and whether Bitcoin can find support near $89,000.

BTC2,33%

ETH2,86%

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