A major trader on a contract platform is facing significant losses due to a high-leverage bet on the ETH/BTC exchange rate. The trader, identified by the address 0xf83…96728, holds a 20x long position of 12,832 ETH and a 20x short position of 366 BTC, each with a notional value of approximately $24 million. The recent stronger rebound of ETH compared to BTC has rendered the hedging strategy ineffective, resulting in an overall unrealized loss of about $3.856 million. Specifically, the ETH position has incurred a floating loss of approximately $4.07 million, while the BTC position shows a floating profit of around $216,000.