Whale cuts $49.6M 4x BTC short after about 7 hours at $114K loss

A whale holding a 20,000 ETH 4x long position closed a $49.59 million 4x BTC short after about seven hours, locking in a $114,000 loss, on-chain analyst ai_9684xtpa said. The address also posted losses on its previous two BTC short positions, bringing cumulative losses across the three trades to $547,000. The whale is currently sitting on $10.71 million in unrealized profit on the ETH long position.