ETH maximum long floating loss 80% - Do a T to save yourself. Can a $116 million position avoid liquidation?

According to Coinbob’s popular address monitoring, a whale holding a 15x leveraged ETH long position successfully lowered its average entry price through a series of “T+0” trades while in a floating loss. This article will provide an in-depth analysis of this ETH whale’s trading trajectory and, combined with the latest data from Gate, explore the current market game dynamics.

Whale Trading Breakdown: Cutting Losses at Highs, Replenishing at Lows

The whale address marked as “Largest ETH Long” (0xa5b…) has recently executed a textbook example of “swing trading to recover” — though the process was not without challenges.

Monitoring data shows that this address faced significant selling pressure in early February. On February 9, it began reducing its position near $2,035; then, on February 11, as ETH price further declined toward $1,960, it sold in batches again. These two sell-offs totaled approximately 7,000 ETH (about $14 million), resulting in a loss of roughly $596,000.

The real skill was demonstrated in the past six hours. Instead of capitulating, the address employed a “T+0” strategy to rescue itself from floating losses. It gradually bought back the position at an average price of $1,919. Through this high-sell, low-buy swing, it successfully lowered its average long entry from $2,059 to $2,048.

Current Position: Balancing Floating Losses and Risks

As of February 13, latest data from Gate shows ETH remains hovering around the $2,000 mark, with overall market sentiment still quite bearish. For this whale, although the “T+0” trades lowered its cost basis, the floating loss and liquidation risk remain high.

Currently, the whale still holds a 15x leveraged ETH long position, with a size of 60,000 ETH. At current prices, this position is worth approximately $116 million. Despite the reduced average price, the high leverage means its floating loss has reached about $6.27 million, with a floating loss ratio of 80%. The account still has $27 million in margin, with a liquidation price set at $1,328.

This means if ETH drops below $1,328, this over $100 million position faces forced liquidation, which could exert significant downward pressure on the market. Notably, this is not the first major fluctuation for this address. On February 9, it just closed a nearly two-month ETH long position, which ended with a loss of about $9.63 million. The position size at that time was also around 60,000 ETH, similar to now.

Market Dynamics: Whale “Self-Rescue” and Retail Opportunities

This whale’s “struggle” reflects the current predicament in the crypto market, especially for ETH longs. According to Coinglass data, if ETH falls below $1,800, the liquidation strength on major centralized exchanges (CEXs) could reach an astonishing $769 million. A fierce battle of liquidations is underway.

For retail traders, the whale’s “T+0” behavior offers several lessons:

1. Risk management is paramount: Even whales with tens of millions in margin are vulnerable under high leverage. A small price fluctuation can lead to massive floating losses. Gate reminds users to use leverage responsibly, set stop-losses, and avoid blindly copying trades.
2. Pay attention to on-chain data: Whale address movements often serve as market indicators. Monitoring such on-chain activity can give retail traders insights into “big money” operations, aiding their decision-making. Gate’s trading community offers a variety of on-chain tools and data analysis resources to help users stay informed.
3. Opportunities in volatility: Whether it’s whales executing “T+0” trades or large liquidations, sharp price swings create trading opportunities. Skilled short-term traders can capitalize on these movements. Gate provides perpetual contracts, spot grid trading, and other tools to help users find profit in volatility.

Summary

This ETH whale has lowered its position cost to $2,048 through swing trading and currently holds a $116 million, 15x leveraged long position. While there is still room before reaching the liquidation price at $1,328, the floating loss remains substantial. This incident vividly illustrates that even “big players” are struggling to survive in a market full of uncertainty.

Looking ahead, key levels for ETH remain at the $2,000 psychological threshold and the dense liquidation zone below at $1,800. Whether the market can stabilize depends on macro sentiment improvements and renewed bullish confidence.

As a comprehensive digital asset trading platform, Gate will continue to monitor market developments, providing timely, accurate data and a secure trading environment. Whether bullish or bearish, Gate will be your steady partner on the journey forward.