BIT-Linked Wallets Lock in $55M Profit After Closing $419M in BTC, ETH Longs

BIT-linked wallets have closed out $419 million in long positions across Bitcoin and Ethereum, securing approximately $55.1 million in realized profit.

This move was made over a recent period and involved a mix of BTC and ETH longs, with the bulk of the positions fully closed.

However, one address still holds 1,602.11 ETH, valued at around $3.97 million, with an unrealized profit of $707,000.

The closures come amid a period of heightened volatility in the cryptocurrency market, where large institutional players adjust their exposure to manage risk or take profits after significant price movements.