Mystery Whale Burns Through $5.55M in Funding Fees While Holding Leveraged Positions

Whale Defies Market Moves, Burns Millions in Funding

Chain analysis reveals a mysterious crypto whale has maintained aggressive leveraged long positions since entering a losing position on December 12, 2025. Over the past month, the address has accrued an astonishing $5.55 million in funding fees, primarily from a $627 million 5x leveraged Ethereum long, which alone consumed $4.6 million in costs.

Despite the mounting expense and volatility, the whale held firm—refusing to trim or hedge. At one point, the ETH position faced an unrealized loss of $12.09 million, highlighting the extreme risk in play.

Ride Through Volatility Misses Profit Window

• By December 19, 2025, unrealized losses neared $80 million, sparking liquidation fears;
• A sharp market rebound in early January 2026 turned the tide—profits surged to $27 million;
• Despite the rally, no exits or adjustments were made;
• As prices cooled, the position slipped back into the red.

The whale now sits on a $9 million unrealized loss across its portfolio, though its Solana longs remain $3 million in the green. Analysts speculate this could signal deep conviction—or hidden risk management strategies not visible on-chain.