"Whale" 7 Siblings Appear: 596,800 ETH leveraged position with an unrealized loss of $27.7 million

RektRecovery · 2026-01-21T09:24:11+00:00

"7 Siblings" whale actively participates in the ETH market through leverage lending, utilizing 596,800 ETH to obtain large loans on the Spark protocol. Despite successfully bottoming out, the position is floating at a loss of $27.7 million, reflecting the operational risks in the cryptocurrency market.

RektRecovery

2026-01-21 09:24:11

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【ChainNews】On-chain data shows that a mysterious whale called “7 Siblings” is playing the ETH market through leverage. This whale address group has deposited 596,800 ETH on the lending protocol Spark via 8 wallets, worth approximately $1.765 billion, making it the largest depositor on the platform.

Interestingly, they are not just hoarding coins. On-chain analysis indicates that this whale borrowed a stablecoin portfolio worth $193 million (including DAI, USDT, and USDS), and then heavily bought the dip during the decline from October to November last year. They purchased 49,287 ETH at an average price of $3,531, acting quite decisively.

However, this operation does not seem to have gone as planned. As of now, this position has a floating loss of $27.7 million. The top deposit addresses ranked 2nd to 7th, 10th, and 11th on Spark also point to this whale group, demonstrating their influence on the lending protocol. The story of “7 Siblings” once again reminds us that even experienced large holders are not guaranteed to profit from leverage operations in the crypto market.

ETH-2,6%

DAI-0,02%

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HodlKumamon

· 9h ago

Wow, 596,800 ETH still dares to play with leverage? This guy's guts are really big. He’s still holding despite a floating loss of 27.7 million. I have to give him a round of applause for this persistence.

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WalletAnxietyPatient

· 9h ago

Another story of leverage bottom-fishing... The unrealized loss of $27.7 million shows what—just a bad bet. Damn, this guy really dares to play, with $1.765 billion pressed on Spark, how big must his heart be? Borrowed stablecoins to bottom-fish, but ended up getting caught on the rebound. This move is quite brutal.

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PumpAnalyst

· 9h ago

Oh no, a floating loss of $27.7 million, this move indeed backfired... But look, this is what true market makers' trial and error look like.

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DeFiVeteran

· 9h ago

Haha, another big player caught in a position, this is the cost of leverage. --- $27.7 million unrealized loss... missed the right entry point for this dip. --- Bought ETH at 3,500 yuan and now look at this situation, can't help but laugh. --- Borrowed 193 million stablecoins to play this game; if liquidation happens, Spark will have to swallow the loss. --- Even whales have their crashes, it's quite ironic. --- 49,287 ETH are trapped; this is true "long-term holding," brother. --- Still leveraging with so much ETH; are these people smart or just gambling with a reckless mindset? --- Spark's largest depositor is now the biggest unrealized loss holder; the market really hits hard.

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0xTherapist