On June 5, 2026, ETH, already in a correction channel, fell again. According to AiCoin data, prices on platforms such as HTX, OKX, and Bitget broke below $1700, falling to the range of $1698–$1701, with a daily decline of about 4%-5%, continuing the previous downtrend. At this juncture, the on-chain analytics account Onchain Lens monitored that a whale address, reportedly connected to BIT or Matrixport by some media outlets, was holding about 120,000 ETH, with a leverage ratio of approximately 15–20 times. When ETH broke below $1700, this leveraged bet with a nominal scale of about $204 million had already experienced a floating loss exceeding $69 million and had accumulated around $1.86 million in funding fees. Multiple Chinese crypto media outlets cited this data on the same day, packaging it as a typical story of "the BIT/Matrixport whale long position deeply trapped." However, with the specific address of the wallet undisclosed, and the related companies yet to confirm their legal affiliation, as well as the liquidation price and subsequent operational paths being unknown, the rapid amplification of a single huge long position's floating loss into a narrative of "concentrated exposure of ETH long risk" raises the question of whether it reveals a genuine structural hazard or if the market is exploiting an extreme case to weave new symbols of panic.
120,000 ETH: A Long Position Treading on the Edge
Roughly calculating based on 120,000 ETH and a leverage of 15–20 times, with ETH near $1700, the nominal scale of this long position is approximately $204 million. Such a structure means that the own margin only constitutes a narrow slice of the overall position: with 20 times leverage, a 1% fluctuation in price nearly magnifies the position's equity to about a 20% fluctuation in profit and loss; with ETH trading in the range of $1698–$1701, and a daily fluctuation of 4%-5%, this seemingly not exaggerated price correction from a chart perspective is sufficient to tear open a massive gap in profit and loss at the margin level. This is why the same market situation results in only a slight net asset value withdrawal for ordinary spot investors, while for this type of position, it is almost a life-and-death gamble hanging near the liquidation line.
According to Onchain Lens, this long position has already incurred about $1.86 million in funding fees during its holding period, which alone indicates that it is not a short-term exploratory position established just a few hours ago, but rather a heavily leveraged bet continuously "charged" in a volatile situation. The funding fees continuously erode the margin buffer, raising the price range needed for this whale to return to the breakeven point. The same price rebound, after deducting funding fees, leaves narrower net profit margins. From the perspective of leverage principles, this is a position choice that puts one's own funds at the edge, using both time and direction to double down; each fluctuation is not just the rise and fall of price curves, but a test of the holder's conviction in the trend and their ability to withstand pressure with real capital.
ETH Falls Below $1700, Whale Position Pushed to the Edge of a Cliff
On June 5, the already weak ETH trend was pressed again to accelerate, according to AiCoin data, ETH broke below the $1700 mark on platforms such as HTX, OKX, and Bitget, falling to the $1698–$1701 range, with a daily decline of about 4%-5%. This break not only continues the previous downtrend but also symbolizes a moment when a significant price point was breached, shattering the narrative that bulls hoped for a "$1700 support"; market sentiment shifted from hesitation to a clear defensive stance, and leveraged longs began collectively facing a harsher price reality.
For the high-leverage long position of approximately 120,000 ETH, with a nominal scale of about $204 million, this drop was akin to being directly pushed to the edge of a cliff. Onchain Lens data shows that when ETH fell below $1700, the floating loss of this position exceeded $69 million, with an additional accumulation of around $1.86 million in funding fees at the same price level, amplifying the visible pressure into significant losses. Although public information has not disclosed the liquidation price of this position, nor confirmed whether it has triggered forced liquidation, under the magnification of 15–20 times leverage, such a price range means the holder may be forced to make a choice in a short time between "passive reduction" and "continuing to add margin." Under the dual pressure of price and time, this position resembles a high-stakes gamble that could be forcefully concluded by the market at any moment.
BIT or Matrixport? Who is this Whale?
Surrounding this high-leverage long position of about 120,000 ETH, Chinese media distinctly split into two camps regarding its identity: some labeled it as a "BIT-related whale" in titles, while others referred to it as a "Matrixport-related whale." However, reports indicate that most of these articles are citing data from the same on-chain monitoring source, Onchain Lens, differing only in their attribution judgments when presented in titles and wording. Currently, public information has not disclosed the specific address string of the wallet, nor has any authoritative regulatory document or related company announcement confirmed the legal affiliation behind this position. The terms "BIT-related" and "Matrixport-related" are more a description at the media level rather than established facts.
From a methodological perspective, on-chain address attribution usually relies on historical interaction records and known tags: For example, transactions between addresses and certain trading platforms, custodial agencies, or existing labeled addresses, combined with clues such as capital flows in and out and usage habits, to infer possible affiliations. This inference inevitably carries overlaps and errors; a single address might have had deep interactions with multiple institutions or might have just utilized the same custodial or service providers. Therefore, without relevant parties publicly claiming the position and lacking authoritative confirmation, directly equating this high-leverage long position with an official position of a specific institution, and subsequently extrapolating its overall risk preference, is an unstable extension of interpretation. A more prudent approach would be to treat it as a massively scaled high-leverage case rather than a direct vote of an institution's official risk preference.
Understanding the Current Long Sentiment from a Whale's Bet
Holding an approximately 120,000 ETH long position with about 15–20 times leverage and a nominal scale of around $204 million in an environment that has evidently turned bearish is, in itself, a statement. According to AiCoin data, ETH broke below $1700 on June 5, with a daily decline of about 4%-5%, continuing the previous downtrend, yet this position remains unconfirmed as closed even after the price breached a key range, with floating losses exceeding $69 million and approximately $1.86 million in funding fees paid. Such a substantial high-leverage bet, incurring funding costs in an unfavorable market, indicates that this large participant at least held a significantly bullish expectation for ETH's medium to long-term trend at the outset of the position's establishment. Otherwise, it is hard to explain such continued patience and determination in "burning cash" to maintain the position.
From a motivational perspective, the behavior of maintaining a heavily leveraged long might correspond to several mindsets: First, it may be a typical reflexive bet — believing the current downturn is merely a temporary deflation of a bubble, and prices will eventually return to or even surpass the entry range, thus enduring substantial floating losses instead of taking stop losses; Second, it could be a more complex asset allocation arrangement, where, beyond the visible ETH long, other varieties or scenarios are used for hedging, treating this position as part of an overall strategy. However, the brief makes it clear that currently there is no information on whether the address is hedged, whether it holds other related assets, nor are there critical details on liquidation prices and subsequent operations, let alone complete distribution data for similar high-leverage longs in the entire market. Hence, this case is better suited as a window for observing the risk preferences of certain large participants at present, rather than extrapolated as a statistical image of the current overall sentiment of ETH bulls.
Next, Focus on Price and Position Signals
For the approximately 120,000 ETH long position, with a nominal scale around $200 million, the most crucial next steps involve watching these two signals: one on the market and the other on the chain. According to AiCoin data, ETH has broken below $1700 on multiple platforms, reporting in the range of $1698–$1701. Whether this position will continue to be breached downward in the coming days or stabilize at a phase directly determines whether this position, already at a floating loss exceeding $69 million, can catch its breath or must continue bearing pressure. At the same time, it is essential to monitor the positional actions on-chain: whether to choose to reduce the position, close part of the contracts, or continue to maintain or even raise leverage. These details will reveal whether its risk preference shifts from aggressive to defensive. As of the reporting point on June 5, public information can only confirm that the position is in a floating loss state, with no evidence showing it has been forcefully liquidated or completely closed. Moreover, the essential parameters like liquidation price, conditions triggering forced liquidation, and whether additional margin has been added remain undisclosed by Onchain Lens or multiple media outlets. Therefore, any future judgments about the outcome must be built on new on-chain data and public reports, rather than subjective extensions in the current information gap.
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