BIT-linked address faces over $92M unrealized loss on BTC, ETH longs

An address linked to BIT (formerly Matrixport) is facing an unrealized loss of over $92.5 million on its long positions in BTC and ETH amid a drop in ETH's price below $1,600, according to Lookonchain. The address currently holds 120,000 ETH, valued at approximately $187 million, and 500 BTC, valued at $29.33 million. The combined paper loss on these assets has now surpassed $92.5 million.