Account With $11 Million in Unrealized Profits From ETH Surge Opens 20x Long Position on This Altcoin

Having opened a $49.9 million long position before the ETH surge, the account labeled 0xedcd used 20x leverage for 100,000 SOL after seeing over $11 million in unrealized gains.

Lookonchain shared the new trade of the account labeled 0xedcd, which reportedly opened a large position shortly before ETH rose. This time, the account took a long position for 100,000 SOL worth approximately $10.45 million.

After depositing 20 million USDC into Hyperliquid on August 20, the wallet opened a long position for 20,000 ETH. At the time, the position was worth approximately $45.38 million. With the rise in ETH’s price, the value of the trade approached $49.9 million, while unrealized gains reached as high as $11.19 million, according to on-screen data.

Account 0xedcd opens 20x long on SOL

In the new trade, the account used 20x leverage for SOL. This level of leverage causes price movements to amplify gains and losses on the position. On the trading screen, the entry price for the SOL long is seen as approximately $104.55, with a position size of 100,000 SOL.

At the time the screenshot was taken, the SOL price was around $104.53, and the position was at an unrealized loss of approximately $1,918. In contrast, the ETH long carried over $11 million in unrealized profit, with the price at $2,495 compared to an entry price of $1,936. The final outcome of the SOL trade is not yet known.