Whale Wagers $24M on SOL and ETH, Watches $616K Evaporate in Real Time 🐳

A crypto whale opened a combined $24.34 million leveraged position on Solana ($SOL) and Ethereum ($ETH) on the 23rd of June, going 20x long on SOL and 25x long on ETH. As of press time, the trader had closed the ETH leg for a realized gain of $14.2K while leaving a $16.5M SOL long still open. That remaining SOL position carried an unrealized loss of $616.2K.

The SOL exposure was opened near the asset's sharp 4% drop on the 23rd of June. SOL traded at $68.9 at the time of writing, sitting close to its liquidation price of $67.9. The whale's timing followed a broader risk-off move across crypto and equities, after the tech-heavy Nasdaq closed lower by 1.3% on Monday. Nasdaq Futures were down another 2.5% ahead of the 23rd of June market open, dragging Bitcoin below $62K briefly as of writing.

On the ETH side, the trader closed the position after price entered a zone that had marked local bottoms in late 2023, 2025, and 2026. CryptoQuant data showed elevated exchange inflows to Gate in the preceding hours, particularly for ETH, consistent with holders positioning to sell. Sophisticated and institutional traders were actively hedging against a possible ETH move to $1,600 and $1,500, according to market data.

Glassnode noted that its altcoin signal was currently flashing an "altcoin season," a phase historically associated with Bitcoin uptrends. The analytics firm highlighted that the current reading reflected altcoins running out of sellers rather than a fresh surge of demand. Whether the whale's SOL long survives the ongoing risk-off rotation remains to be seen.