A prominent on-chain investor, known for holding significant positions in the Nasdaq-100, has incurred substantial losses amid a market downturn. The investor, identified by the address 0x8af, has a $20 million long position in the Nasdaq-100 index mapping contract (XYZ100), an equally sized long position in Bitcoin (BTC), and a $12 million short position in silver. Recent market pullbacks in U.S. equities and cryptocurrencies, coupled with silver's slight gains, have led to expanding unrealized losses across these positions. The most significant loss stems from a 40x leveraged BTC long position, valued at approximately $23.2 million at an average price of $100,800, resulting in an unrealized loss of $13.8 million, a drawdown of 2,376%. Despite these setbacks, the investor continues to place pending orders worth $14.25 million to increase BTC longs in the $55,000 to $59,000 range. While recent misjudgments have impacted returns, the investor's lifetime profit remains at $51 million, reflecting a strategy focused on mainstream asset strength.