Whale watch update: one large trader is currently running a dual leveraged long across ETH and SOL with total perps exposure around $13M notional.
Breakdown from the screen:
$ETH long about $11.9M notional, 20x cross
Size around 6K ETH
Entry near 1973
Margin under $600K
Liquidation far below in the mid-1600s zone
$SOL long about $1.1M notional, 20x cross
Size near 13.8K SOL
Entry around 80
Margin just over $56K
This is not random positioning. It is correlated beta exposure through majors, expressed with high leverage and cross margin. That tells you the trader is not isolating risk per leg. They are expressing a directional thesis on overall market bounce rather than token specific divergence.
Two things stand out structurally.
First, entries are near compression zones, not breakout highs. That suggests this was opened into weakness or early reversal, not late momentum chasing. Leveraged traders with experience usually prefer that timing because liquidation distance improves relative to entry.
Second, margin efficiency is tight but not reckless. With 20x cross, survival depends more on portfolio level drawdown than single candle noise. That is a volatility tolerance statement.
What I would monitor next is not the PnL number. It is context.
Does open interest rise with price or lag it
Does funding turn expensive for longs
Does spot volume confirm or is this perp driven
Does one leg get reduced first if market stalls
Copying whales is gambling. Reading their risk posture is analysis. Big difference.