The largest on-chain ETH long position of 224 million reverted to the breakeven point, resulting in a $12.9 million unrealized gain.

BlockBeats News, May 8th, according to Hyperinsight monitoring, on-chain data shows that the largest ETH long whale known as "BIT Whale" has seen its $224.7 million position return to near the breakeven point. This whale, spread across four addresses on Hyperliquid, holds a total long position of 99,000 ETH, all of which were significantly added on April 30th, with an overall leverage of approximately 18x.

Based on the weighted average entry price calculated from the fund distribution across the four addresses, the whale's average entry price is around $2270. As the price of ETH retreated, it quickly gave back profits of around $12.9 million within just two days, and the funding fee settlement has accumulated a loss of $350,000.

It is reported that these addresses belong to the digital financial service group BIT (formerly Matrixport), which has repeatedly received fund transfers from its accounts. Previously, this entity had taken long positions on ETH worth hundreds of millions, yielding profits exceeding $50 million.

Addresses: 0xa5b0edf6b55128e0ddae8e51ac538c3188401d41 Address: 0x6c8512516ce5669d35113a11ca8b8de322fd84f6 Address: 0xa875890465dA20062bCF3b024Bf7d54E69C725a8 Address: 0xfd423284f6a9c73a2a3d53cab8921d6533533d97