Floating loss exceeds $69 million; a whale linked to BIT has paid $1.86 million in funding fees on a 120,000 ETH long position

According to Onchain Lens monitoring, as ETH trades below $1,700, an address suspected to be associated with BIT holds a long position of 120,000 ETH with 15-20x leverage. The floating loss has exceeded $69 million, and it has already paid $1.86 million in funding fees.