- A $90M leveraged crypto bet sits close to liquidation as Bitcoin and Ethereum trade near entry levels.
- High 20x leverage leaves trader wallet 0x049b exposed to sharp losses if prices dip slightly further.
- Market sees heavy liquidations, but whale flows remain split between aggressive bets and long-term holding.
A crypto trader has opened a high-risk bet worth about $90 million on Bitcoin and Ethereum, according to blockchain analytics platform Lookonchain. The move shows how some market players are still expecting sharp price swings in the near term. The trader, identified as wallet “0x049b,” used heavy leverage to enter both positions, which increases both potential gains and losses.
The position holds 586.68 Bitcoin worth about $45.8 million and 19,416 Ethereum valued at nearly $44.7 million. The trade sits very close to its liquidation levels, so even small price drops could trigger a forced exit. Bitcoin entered around $78,540, while Ethereum started near $2,317, showing how tightly the position is set to current market prices.
Leveraged Positions Raise Market Risk
According to Hypurrscan data, the trader has 586.68 Bitcoins and 19,416 Ethereum via perpetual futures, with both positions leveraged 20 times in isolation. The position on Bitcoin was taken at $78,540, whereas the one for Ethereum was initiated at $
Since then, both assets have slipped below those entry levels, leaving the positions with unrealized losses. Data further shows the Bitcoin trade was down about $135,000, while the Ethereum position carried losses near $261,000.
The positions also sit close to liquidation levels, increasing the risk if prices fall further. Bitcoin faces liquidation around $75,564, while Ethereum could face liquidation near $2,247.
Market Signals Show Mixed Sentiment
Market data further suggests that stability will not be seen anytime soon in crypto markets. According to data provided by Coinglass, there have been 108.16 million liquidations in the last 24 hours, with more than 102,000 traders experiencing liquidations. Slightly higher losses were incurred by shorts compared to longs.
Source: Coinglass
Bitcoin and Ethereum each contributed over $14 million in liquidations during the same period. Altcoins faced even sharper pressure, with larger liquidation clusters emerging across several tokens.
At the same time, not all large investors are taking leveraged positions. A separate whale wallet withdrew 1,051 Bitcoin, worth about $82 million, from Binance. Usually, such withdrawals mean long-term holding behavior rather than short-term trading activity.
Moreover, CryptoQuant analyst MorenoDV said market momentum is weakening. He pointed to a drop in Short-Term Holder MVRV peaks, which usually suggests traders are seeing fewer short-term profits. However, he added that if prices move back above realized cost levels, it could help steady sentiment and improve confidence in the market.
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