A major whale who recently bought ETH long has not been having a good time lately. Between December 5th and 15th, this person withdrew a total of 21,850.15 ETH from the exchange, roughly equivalent to $70.6 million at an average price of $3,231 per ETH. Now? The paper loss has reached $6.246 million, yes, it's that heartbreaking.

The most painful part is that in the first 6 hours, they sold another 2,000 ETH, worth $5.84 million. It seems this whale is still sticking to their judgment, or perhaps still hoping for a rebound.

What's more interesting is that these ETH are now spread across 5 different wallets. One of these wallets has a very interesting trading style — a looping long mode. This wallet has staked 18,706.9 ETH and borrowed 31.34 million USDT, with a health factor of only 1.41. Basically, it's leverage on top of leverage, with a very high risk level. If ETH continues to decline, a liquidation trigger could be just around the corner.