ETH Bull Closes $8.8M Losing Position Then Opens New $120M Leveraged Trade With $1.4M Unrealized Loss

The Journey of a Determined ETH Bull

According to data from Lookonchain, a determined ETH bull closed his Ethereum long position on February 9, taking an $8.8 million loss after holding the position for over 70 days.

Re-entering the Market: A High-Leverage Bet on ETH's Future

Despite the previous loss, this investor hasn't given up on his bullish stance toward ETH. Shortly after closing the position, he opened a new leveraged long position worth 60,000 ETH (valued at approximately $122.2 million) with 20x leverage.

New Challenges From Market Volatility

However, market volatility has struck again. The new position is already showing an unrealized loss of over $1.4 million, highlighting the short-term unpredictability of the cryptocurrency market.