Bear Whale Books Partial Profit Amid SK Market Rout
On March 4, on-chain tracking revealed that a major whale with a large short position in EWY (iShares MSCI South Korea ETF synthetic contract) began reducing holdings early in the morning. The address has so far cut its short exposure by approximately $1 million and still maintains an active short position of $4.67 million on Hyperliquid.
With an average entry price of $128, the current unrealized profit stands at $200,000—about a 36% gain. Its liquidation price is set at $146, meaning the position remains safe unless EWY surges past that level in the near term.
Leveraged Bets Mount After Market Crashes
This move follows two consecutive days of market circuit breakers in South Korea. As the EWY price dropped to around $131, the whale increased its 9x leveraged short and compounded its position, peaking at $5.67 million in exposure—reflecting strong bearish conviction.
Bulls Double Down Despite Heavy Losses
In stark contrast, the largest long position (address 0x629a) entered the market yesterday at 23:00 with a 20x leveraged long, totaling $5.86 million at an average price of $126. The trade is now down $210,000—representing a staggering 69% unrealized loss—placing it dangerously close to liquidation.
- Bear position: $4.67M, ~9x leverage, solid profit buffer
- Bull position: $5.86M, 20x leverage, highly vulnerable
- Market sentiment: Fear dominates, volatility spikes, capital battle intensifies
As macroeconomic headwinds meet tightening liquidity, this clash highlights not only divergent views on South Korean assets but also the systemic fragility embedded in highly leveraged derivative trading.