According to @EmberCN, a whale who used loop lending to long 1,320 WBTC sold another 175 WBTC in the past five hours for $16.18M USDC, completing the leverage unwind (source: @EmberCN, Nov 20, 2025). According to @EmberCN, the de-risking began when BTC fell to $100,000 on 11/5 and the position neared the liquidation threshold (source: @EmberCN). According to @EmberCN, over roughly two weeks the whale sold a total of 725.8 WBTC for about $71.81M in stablecoins (denoted as U), marking the end of this deleveraging cycle (source: @EmberCN).

According to @KobeissiLetter, all asset classes are trading sharply lower today, with intraday relief rallies being sold into new lows in a textbook emotional correction. According to @KobeissiLetter, this risk-off pattern has become increasingly common in 2025 amid record leverage and hypersensitivity to headlines. According to @KobeissiLetter, the broader macro thesis remains intact: deficit spending is surging, AI CapEx is nearing $1 trillion per year, and a weakening labor market means the Fed must cut rates even with inflation around 3%. According to @KobeissiLetter, this backdrop supports an S&P 500 target of 7,000 on the horizon. According to @KobeissiLetter, the cross-asset selloff includes crypto risk and warrants caution for BTC and ETH during deleveraging, with potential support later if rate cuts materialize.

According to @EmberCN on X, the ETH whale nemorino.eth sold 8,000 ETH at $3,609 after the overnight drop and repaid $24.83 million in USDC borrowings on Aave, fully removing leverage and realizing a $7.58 million profit (+98%). According to @EmberCN on X, the trader accumulated 10,914 ETH at a $2,946 average from May to October using looping loans starting with $7.7 million USDC. According to @EmberCN on X, the exit was motivated by concern over liquidation risk amid further downside. According to the DeBank wallet page for 0x8aecc5526f92a46718f8e68516d22038d8670e0d, the address activity aligns with the reported de-leveraging and Aave repayments.