A Major Holder Exits Aggressive 20x Bitcoin Long, Crystallizes $7.79M in Losses

According to on-chain analytics from Onchain lens, a significant market participant has unwound its aggressive 20x leveraged long position in Bitcoin after maintaining the bet for 35 days, ultimately crystallizing a $7.79 million loss on the trade.

The failed bullish bet took place over more than a month of holding, during which the price action worked against the trader's directional thesis. With Bitcoin currently trading around $90.79K, this loss highlights the risks inherent in maintaining extreme leverage positions over extended periods—especially a 20x multiplier that leaves virtually no room for adverse price movements.

What's particularly notable is the trader's immediate pivot following the liquidation. Rather than exiting the market entirely, this whale has repositioned into a more measured stance, opening a 2x leveraged long position on ZEC (ZCash), which is currently valued at $404.00. This strategic shift suggests the holder is maintaining bullish conviction but exercising significantly more caution with leverage ratios.

The move underscores a broader pattern observed among sophisticated traders: after a high-leverage blow-up, many rotate into lower leverage alternatives or different assets to preserve remaining capital while staying exposed to market movements. The 15+ point swing in leverage strategy—from 20x down to 2x—represents a dramatic recalibration in risk management.

This on-chain signal serves as a reminder that even well-capitalized market participants aren't immune to the inherent dangers of extreme leverage, and that adaptive strategy adjustments remain critical for surviving in volatile markets.