BTC Long Positions Plummet as 0x0558 Address Faces Massive Liquidation Amid Market Decline
Main Idea
The 0x0558 address liquidated part of its BTC and fully closed its ETH long positions due to recent market declines, retaining a 640 BTC long position valued at $72.3 million, with profits shrinking from $18 million to $494,700.
Key Points
1. The 0x0558 address fully closed its ETH long position and partially liquidated BTC longs due to market declines.
2. The address retains a long position of 640 BTC, currently valued at approximately $72.3 million.
3. Profits for the address dropped sharply from over $18 million to $494,700 within five days.
4. The liquidation highlights the risks of leveraged long positions during market volatility.
5. The decision to close the ETH position was a risk management measure, while maintaining the BTC position reflects confidence in Bitcoin's resilience.
Description
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