This Altcoin’s Incredible Surge Caused a Whale to Lose $25 Million

The sharp rise in $NEAR price resulted in millions of dollars in unrealized losses for two whales holding large short positions.

According to on-chain data, the total unrealized losses of two large entities holding short positions on $NEAR reached approximately $25.89 million.

The address starting with 0xfe7c holds short positions of approximately 4.32 million $NEAR at an average cost of $2.55. As the price increased, the unrealized loss on the address’s open positions rose to approximately $12.44 million. As of the afternoon of September 26th, the whale closed short positions totaling approximately 771,700 $NEAR, recording a realized loss of approximately $1.77 million.

Another whale address, starting with 0xdd53, holds a short position of approximately 4.31 million $NEAR at an average price of $2.31. This address has an unrealized loss of approximately $13.45 million on its $NEAR position.

This address appears to have closed only approximately 5,293 $NEAR short positions since September 24th, retaining the majority of its holdings.

The same whale also closed some $ZEC short positions today. These transactions resulted in a realized loss of approximately $238,100, while the unrealized loss on remaining $ZEC short positions is approximately $9.23 million.

*This is not investment advice.