BREAKING
A whale wallet associated with Matrixport and BIT exchange has flipped to unrealized profitability after enduring a four-month drawdown on significant long positions in both Ethereum and Bitcoin, according to on-chain data flagged by Lookonchain.
The wallet holds a long position of 120,000 $ETH, currently valued at approximately $187 million, alongside a separate long position of 500 $BTC worth roughly $29.33 million. Combined, these positions now carry an unrealized gain of $11.5 million.
The turnaround is notable in scale: the same positions were sitting at an unrealized loss of $92.5 million at their worst point during the holding period. That represents a swing of approximately $104 million in unrealized P&L over roughly four months without the positions being closed or reduced, based on available data.
The wallet classification indicates these are long positions — no short exposure is recorded. No exchange deposits or withdrawals were detected in this signal; the movement is classified as a wallet-to-wallet transfer, suggesting the whale has not yet moved to realize the gains.
From an interpretive standpoint, the continued holding through a prolonged and deep drawdown, followed by a recovery to profit, may suggest high conviction in the original thesis — though this remains interpretation and not a statement of intent. Whether the whale chooses to close, add to, or maintain these positions at current levels is unknown.
This data was recorded on August 21, 2026. On-chain watchers should note that unrealized figures reflect mark-to-market valuations and can shift rapidly with price action in either asset.
Source: Lookonchain · Published by CoinsProbe Markets Desk
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