An encrypted-market giant whale recently created a high-leverage position totalling approximately $24.34 million, betting on Solana and the Ethera to rebound. However, with the fall of the technology unit leading to a risk asset under pressure, the transaction was quickly adjusted, the ETH warehouse level was flat, and SOL alone continued to suffer losses.
SOL unilateral.
The trader initially held 20 times the leverage of SOL and 25 times the leverage of ETH. As reported, the ETH position was subsequently closed, resulting in a profit of approximately $142 million.
There is only so far a multi-head space of approximately $16.5 million. As a result of a decline of approximately 4 per cent in SOL on 23 June, the warehouse position showed a deficit of approximately $616 million.
In terms of price positions, SOL was at the time on the offer of US$ 68.9 and was close to the liquidation price of approximately US$ 67.9, suggesting that the position was sensitive to short-line fluctuations.
Technological unit back down low risk preference
Market pressures do not come from single currencies alone. The report mentions that the risk bias has been significantly cooled by the weakness of the US share technology. The NASDAQ index fell by 1.3 per cent on the previous trading day, while the Na-Fi futures continued to fall by about 2.5 per cent before the opening of the 23rd of June.
Against this background, bitcoin was also charged at the same time, at a time falling at $62,000. As high-volatility risk assets, SOL and ETH then followed back and put more pressure on the high leverage.
Increased ETH Exchange Inflow
The chain data also reflects a weakening of market sentiment. CryptoQuant data show that there has been an increase in the flow of assets into the Gate Exchange in the past few hours, with ETH in particular.
This usually means that some currency holders are moving assets to a trading platform in preparation for sale or increase. At the same time, the report mentions that some institutions and professional traders are preparing for a possible ETH dive of $1600 and $1,500, which explains why the whale chose to level the ETH slot.
Grassnode, however, still believes that the current market has a sign of a "season of the mountain." It noted that this round of shelving was more like a plattering in the upper-bitcoin phase, but that the driving factor was not a full-scale incremental purchase, but a decline in some of the shelving.
Overall, the whale deal, which had been betted by SOL and ETH, had rebounded near the critical support position, but the sudden-onset technology stock sales disrupted the rhythm. In the short term, the ability of SOL positions to avoid liquidation will continue to depend on the continued warming of the market.