A whale who used "revolving loans to go long on BTC" cut its losses and liquidated its positions, realizing a loss of $14.02 million.

CoinFeed reported on March 20th that, according to on-chain analyst Yu Jin, a whale who used a revolving loan to go long on BTC has liquidated his position, incurring a loss of $14.02 million. Over the past year, he leveraged a revolving loan to borrow USDC against WBTC to continue buying WBTC, going long on 742.8 WBTC at an average cost of approximately $89,137. Today, an hour ago, he liquidated these 742.8 WBTC through FalconX at a price of $70,266, withdrawing 29.75 million USDC to repay his loan on Aave.