On-chain data reveals that a major Ethereum investor, frequently characterized as a "stubborn bull," has reinforced a massive leveraged position despite significant market volatility. On June 25, 2026, the entity associated with four specific wallet addresses injected an additional $2 million in USDC as margin to maintain a long position totaling 120,000 ETH. This move comes as the participant faces substantial unrealized losses, signaling a high-conviction bet on the recovery of the Ethereum (ETH) price.
Liquidation Risks and Entry Metrics
Analysis provided by on-chain specialist Ai Yi indicates that the investor's entry points are concentrated around the $3,000 mark. Due to recent downward price pressure, the total unrealized losses for these positions have climbed to approximately $94.047 million. Despite the scale of these losses, the strategic addition of collateral has widened the gap between the current market price and the danger zone.
The liquidation prices for the four primary addresses are currently set at:
- $2,112.6
- $2,117.1
- $2,117.7
- $2,159.6
Liquidation prices represent the threshold at which a lender automatically closes a position to prevent further losses, often causing significant sell pressure on the underlying blockchain asset.
Strategic Reserves and Market Outlook
The "stubborn bull" army, linked to Bit-associated entities, appears to have sufficient liquidity to withstand further short-term volatility. Beyond the recent $2 million injection, on-chain monitoring suggests that there is still over $6 million in USDC available in reserve to serve as additional margin if required.
The 'stubborn bull army' long on 120,000 ETH added another $2 million in margin in the early morning, with unrealized losses exceeding $94.047 million
This behavior underscores a trend among institutional-scale traders who utilize decentralized finance (DeFi) protocols to maintain large-scale exposure to the Ethereum blockchain. By proactively managing margin levels, these participants aim to avoid "cascading liquidations" that can occur during sharp market corrections.
In conclusion, while the entity's current financial position reflects a deep "underwater" status, the substantial capital reserves and the distance to the liquidation thresholds suggest a long-term holding strategy. Market participants will likely continue to monitor these specific on-chain addresses as indicators of institutional sentiment and potential support levels for the second-largest cryptocurrency by market capitalization.
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For educational purposes only. Nothing here constitutes financial or investment advice. Crypto markets are highly volatile — always DYOR before making any decisions.
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