BIT-linked whale faces over $84M in unrealized losses on ETH long

An address linked to BIT (formerly Matrixport) is facing over $84 million in unrealized losses on a 120,000 ETH long position as the price of ETH has fallen below $1,600, HyperInsight reported. The whale is reportedly using 15-20x leverage and has paid approximately $1.85 million in funding fees to date.