Bitcoin liquidations continue as the on-chain data provider Lookonchain discovered a trader who had sold his Bitcoin spot positions and bought a 40x leveraged long position on BTC with a wallet address 0x4227. The amount of position was 970 BTC, which equals 103.5 million dollars. Gamblers never learn—they still prefer high leverage.0x4227 sold his $BTC spot and opened a 40x leveraged long on $BTC, with a position of 970 $BTC($103M).This gambler has already lost over $6M on perps.https://t.co/d386SUwYBV pic.twitter.com/IxS13dIr1x — Lookonchain (@lookonchain) June 25, 2025 The bet has cost the whale more than 6 million dollars so far despite the high level of conviction, making it questionable how sustainable such aggressive approaches are in the current choppy markets. $103M Long Position Turns Sour Based on the trading information in hyperdash.info, this trader was fully long-biased with 100 percent exposure to Bitcoin. The overall position valuation was 103,478,798.25, and the leverage is now approximately 18x. It began at a trade entry price of 106,687.60, which was slightly above the current value of BTC of 106,651, making the position at a loss of 1.37% or 35,563.15 in current unrealized terms. Nonetheless, the wider PnL graph has a more discouraging picture with the realized losses at above 6 million dollars as a result of earlier cascades of liquidations. Frequent Micro-Trades and Position Management A look at the Trading Dashboard shows a flurry of activity with many small-scale BTC longs, as well as the sales of a token that is labeled @142. The amount of these trades was between 0.005 and 0.52 BTC, and the prices were approximately 106,600 dollars. The trader appears to be very actively handling the position, perhaps in an effort to reduce the average entry price or hedge against catastrophic volatility. A Risky Bitcoin Move in Leveraged Markets With a liquidating price of 102,008.15 and a margin of more than 2.5 million dollars used, the position has been hanging on a thin thread, with any further drop in BTC price cleaning it out completely. This is a grim lesson on the risks of over-leveraging crypto markets. The possibility of higher profits is too sweet a deal, as traders just cannot resist its temptations even after repeated past lessons and numerous warnings by experts. According to the words of Lookonchain, gamblers never learn; they still prefer high leverage.