On-chain data shows that a whale starting with 0x218A hit a snag on a 10x leveraged short position — currently, the unrealized loss on BTC and ETH short positions has exceeded $6.37 million. To avoid being liquidated, this large holder quickly deposited 4.8 million USDC into the exchange, seemingly trying to buy some time to close the position.

Such situations are not uncommon in high-leverage trading. When the market moves against expectations, losses can quickly escalate. Although whales have large capital, with 10x leverage, even slight price fluctuations can cause losses in the millions. Currently, pouring USDC into the exchange can only mean two things: either preparing to add margin to hold the position or looking for the right moment to cut losses. Whatever the case, it reflects how much pressure this position is under.