USDC Withdrawal From Coinbase: New Wallet Opens 15x ETH and 10x ENA Shorts, Faces $1.44M Unrealized Loss

According to OnchainLens data, a newly created wallet address moved 4 million USDC out of Coinbase over the last 48 hours and opened short positions in ETH (15x leverage) and ENA (10x leverage). The positions are currently showing an unrealized loss of approximately $1.44 million, underscoring the high-risk margin dynamics within on-chain derivatives.

Analysts note that this event highlights how on-chain risk and margin activity can materialize quickly when leverage is elevated. The combination of a substantial USDC withdrawal from a major venue and offsetting short bets warrants close monitoring by traders and risk teams, with attention to liquidity and funding-rate signals to gauge potential near-term volatility.