On-chain analytics firm OnchainLens flagged a whale liquidating a Bitcoin long position with 20x leverage, locking in a loss of $7.79 million after a 35-day run. The unwind underscores the vulnerability of highly leveraged bets within the crypto derivatives market and the liquidity risk facing large holders in a volatile regime.

Concurrently, the same address opened a ZEC long exposure at 2x leverage, signaling a shift toward altcoin hedging or opportunistic reallocation amid evolving market dynamics. The dual action—crystallizing losses on BTC while building exposure to ZEC—highlights active on-chain activity and the importance of risk controls for large addresses as traders navigate near-term catalysts.