bit-Linked Entity Holds $155M Long Positions, Down $44M

The contrast between bit's prior $67M ETH long profit and its current $44M unrealized loss on a new address set suggests a strategy that is repeating its directional bet without the same timing edge. The excluded funding fees matter: on $155M of leveraged longs, carry can quietly compound losses beyond the headline figure, making the true drawdown harder to read from on-chain data alone. What's worth watching is whether the entity adds to or unwinds these positions, and whether the retired-address pattern signals a deliberate rotation or a response to margin pressure.