$ETH “Perp-to-Spot” Whale Opens $12.7M ETH Long While Sitting on Massive Drawdown ⚡️🚨
A well-known perp-to-spot whale has just opened a 4,046.83 ETH long position with 20x leverage, totaling $12.72M in size. The position is already under pressure, showing a floating loss of –$240.4K.
The whale’s liquidation price sits extremely low at $738, leaving a wide buffer but signaling an aggressive high-conviction setup. Despite the leverage, the entry reflects a bold attempt to time ETH volatility.
On a broader timeline, the whale’s performance has deteriorated sharply: their overall PnL is now –$5.24M, down dramatically from a +$7M peak in September 2025. The reversal highlights a sustained downturn in trade accuracy over recent months.
Is this new 20x long a comeback attempt—or another step deeper into a losing streak?
