A whale that reportedly opened a long position with $230 million in funds recently sold 50,000 ETH to reduce leverage.

PANews reported on February 4th that, according to on-chain analyst Yu Jin, a whale that suffered a $230 million loss from a long position in ETH on Hyperliquid three days ago is also cutting its losses by selling 50,000 ETH ($112.8 million) to reduce leverage.

Just a week ago (January 27th), he leveraged his position to buy 148,000 ETH ($426 million) at $2,883, only to see ETH plummet to $2.2K. This not only caused his Hyperliquid ETH long positions to be liquidated, but also brought his leveraged ETH long positions close to the liquidation threshold. In the last two days, he sold 50,000 ETH, lowering the liquidation price to around $1,600. He currently holds 33,000 BTC ($2.52 billion) and 748,000 ETH ($1.693 billion) on-chain, worth $4.213 billion.