When One Whale Isn’t Enough.....At first glance it looks like two separate players.

Two different addresses. Two different dashboards. But the positions are the same… almost too similar. And when you dig out, the size starts to feel coordinated.
Between 0xa5B0…1D41 and 0x6C85…84F6, there’s roughly 120,000 ETH on the table. That’s about $241 million worth.
And as if that wasn’t loud enough, one of them just added a fresh 20x long on 400 $BTC --- another $27 million layered on top.
The first wallet is carrying the bulk of the weight. Around $168 million in total perp exposure. Account value floating near $37 million. The $ETH leg alone is about $140 million, entered around $1,991 and now hovering just above $2,000. It’s slightly green --- up about $1.2 million, which sounds nice until you remember the leverage behind it.
The #BTC position.... Recently opened. Around $68.4K entry. Basically flat for now. A tiny red flicker, nothing dramatic yet. But 20x doesn’t need drama. It just needs movement.
The second wallet is simpler but still heavy. About $100 million long on #ETH at 20x. Entry around $2,012. Currently a bit loss --- roughly $235K down. Account value sitting near $34 million.
WHAT WE THINK:
If these wallets belong to the same entity ... and honestly, it wouldn’t be shocking then we’re looking at more than a quarter billion dollars in leveraged bets tied mostly to ETH, with a side of BTC added for extra punch. And with liquidation levels not absurdly far below, every small dip carries weight. Every wick matters.
ADDRESSES:
0xa5B0eDF6B55128E0DdaE8e51aC538c3188401D41
0x6C8512516Ce5669d35113A11Ca8B8DE322fD84F6