A whale liquidated $14.02 million in losses from looping long positions on WBTC

Odaily reported, according to on-chain analyst Yujin's monitoring, a certain address (0xc9db...5642) leveraged a looped lending strategy over the past year by collateralizing WBTC to borrow USDC and then buying more WBTC, going long with leverage on 742.8 WBTC at an average purchase price of about $89,137. Today, this address liquidated all 742.8 WBTC via FalconX at a price of $70,266, exchanging them for 29.75 million USDC to repay its debt on Aave. The total loss from this transaction amounted to $14.02 million.