A major Ethereum whale has closed a significant long position, incurring a $9.63 million loss. The position, held for approximately two months, involved 60,040 ETH with a peak value of $125 million and an average entry price of $2,500. Despite efforts to average down costs, the position faced a floating loss of over $24 million on February 6, nearing the liquidation threshold. Following a market rebound, the whale opted to close the position to mitigate losses. Subsequently, the whale re-entered the market, establishing a new long position at a lower price point. The new position involves a short on ETH with an average price of $2,086 and 15x leverage, amounting to $28.6 million. The whale continues to adjust its position, with $34.8 million in remaining margin.