SmartX Chief Customer Officer: Binance contract position approximately $16.5 million

SmartX Chief Customer Officer David disclosed a roughly $16.5 million derivatives position on Binance carrying about $2 million in unrealized losses, with BTC, ETH, SOL, BNB and UNI making up more than half of the exposure. Screenshots accompanying the disclosure show long perpetual positions in BTC and ETH opened at approximately 82,065.73 USDT and 2,524.46 USDT respectively. The size of the drawdown relative to the position underscores how leveraged long books have been squeezed by the recent downturn in major tokens. David said he will gradually migrate the position to SmartX Terminal, making the transfer a test of the platform's execution and liquidity. Traders will watch whether the longs are held through further volatility or trimmed during the migration.