Wormhole Trader Holds $1.86 Million Long After W Jumps 66%

A large trader held a leveraged Wormhole (W) long worth about $1.86 million after the token climbed roughly 66.3% in 24 hours, with the account beginning to take profits after the advance.

W was recently quoted at $0.02929, while derivatives volume reached about $24.32 million and notional open interest stood at approximately $31.08 million.

The trader opened a long position on Sept. 29 after spending about $201,300. The account later added roughly 10.45 million W for approximately $183,600 on Oct. 10.

It continued to hold about 63.41 million W with 5x leverage at an average entry price of $0.014509. The position was worth approximately $1.86 million and carried about $937,000 in unrealized profit, representing a return of roughly 509%.

The account reduced its exposure after W rose, selling about 3.27 million tokens over the following hour for roughly $90,300. The transaction realized approximately $42,800 before fees and funding costs. No W orders remained.

Two other low-cost long holders continued to maintain sizable positions. One held about 52.03 million W worth approximately $1.52 million, with unrealized profit of roughly $823,000. Another held 50 million W worth about $1.47 million, with unrealized profit of approximately $893,000.

Together, the three traders held about $4.85 million in W long positions and had combined unrealized gains of approximately $2.65 million.