Trader AguilaTrades position squaring its 20x BTC multiple order, losing more than $11.70 million

According to on-chain analyst Ember Monitor, trader AguilaTrades is executing the full position squaring of his 20x leveraged BTC long position.
The trader started position squaring at 4:30 am, and the position has been reduced to $121 million. The remaining 1157 BTC long positions are continuing to position squaring through the TWAP (Time Weighted Average Price) strategy, and are expected to complete all liquidation in 7 hours. According to the data, AguilaTrades has lost $11.72 million in this long BTC operation.