• The wallet holds $3.3M entirely in leveraged Bitcoin and Ethereum perpetual futures.
• Bitcoin short shows a $118,000 unrealized loss, while Ethereum long records a $95,000 unrealized profit.
• Combined exposure exceeds $102 million, with high leverage raising sensitivity to liquidation and funding costs.

According to a recent market development between the two largest crypto assets in the market, on-chain records have revealed notable holdings, with the wallet managing a $3.3 million portfolio. A Lookonchain post on X reveals that all of the value is concentrated in perpetual futures, with no allocation in spot holdings, vaults, or staking. The exposure comes entirely from two active positions in Bitcoin and Ethereum, each carrying high leverage and distinct risk profiles.

Bitcoin Short With Heavy Leverage

The market data reveals that the account has placed a short trade on 800 BTC-USD contracts with a notional size of $90.08 million. The entry price was recorded at $112,462, compared to a current level of $112,610. This short position is showing an unrealized loss of $118,335.45.

Despite the drawdown, the wallet has received $3,307.95 in funding fees, supported by favorable funding rate flows. The trade is operating under 40x cross leverage, raising the exposure and tightening the margin buffer. The liquidation price is set at $114,980, bringing the threshold close to the market price. This narrow range leaves the position sensitive to small price movements in Bitcoin.

Ethereum Long Adds Opposite Exposure

In contrast, the wallet holds a long trade in Ethereum valued at $12.75 million through 3,000 ETH-USD contracts. The position opened at $4,218.72, with Ethereum now trading at $4,250.45. It currently shows an unrealized profit of $95,037.13.

However, the long position carries a negative funding cost of $28,433.99, requiring payments to sustain the leverage. The trade uses 25x cross leverage, offering a broader margin compared to the Bitcoin exposure. The liquidation price is placed at $3,597.10, leaving more distance between the market price and the risk threshold.

Portfolio Split Between Two Strategies

Together, the positions create a split structure in the portfolio. Bitcoin exposure dominates with a notional size exceeding $90 million, while Ethereum provides a smaller but profitable counterweight. Funding dynamics add another layer, with the Bitcoin short receiving inflows and the Ethereum long incurring outflows.

As revealed by the post on X, the contrasting strategies show how the wallet balances unrealized losses from Bitcoin against gains recorded in Ethereum. As of press time, the combined exposure exceeds $102 million in leveraged contracts, with risk concentrated in both liquidation levels and funding payments.