A certain lending platform went long on BTC, with a whale liquidating positions, resulting in a loss of 14.02 million dollars

According to on-chain data analyst Yu Jin's monitoring, a whale that took a long position on BTC through a circular loan has liquidated its position, realizing a loss of 14.02 million dollars.

It is reported that this address has leveraged longed 742.8 WBTC over the past year by borrowing USDC against collateralized WBTC in a circular loan manner, with an average cost price of about 89,137 dollars. One hour ago, he liquidated 742.8 WBTC through FalconX at a price of 70,266 dollars, retrieving 29.75 million USDC to pay off his loan on Aave.