Whale Using Recursive Lending to Long BTC Cuts Losses and Liquidates Position, Loss Exceeds $14 Million
The whale used a recursive lending strategy over the past year, borrowing USDC by pledging WBTC, then purchasing WBTC to leverage long 742.8 BTC, with an average position cost of approximately $89,137 per BTC.
One hour ago, it liquidated all 742.8 BTC through FalconX at a price of $70,266 per BTC, recovering $29.75 million USDC to repay Aave loans, ultimately resulting in a loss of $14.02 million.
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