BIT-linked whale's largest on-chain ETH long turns negative, down 5% as gains vanish

HuoXing Finance cited Hyperinsight monitoring showing that the largest on-chain long position associated with BIT—often described as a "BIT-affiliated whale"—has slipped back into the red. The address is currently sitting on an unrealized loss of about $110,000, roughly 5%. The wallet holds a 20x leveraged ETH long of 20,000 ETH, worth about $45.6 million, with an average entry price of $2,287. The position was opened on April 20 and once recorded an unrealized profit peak of $2 million, but the subsequent pullback has wiped out those gains. The address is said to belong to the digital financial services group BIT and has repeatedly received transfers from affiliated entities. It has previously placed ETH long positions worth several hundred million dollars. Address: 0x6c8512516ce5669d35113a11ca8b8de322fd84f6.