Lookonchain said on June 30 that one address used 40x leverage on 900 BTC and another used 20x leverage on 800.75 BTC.
Two large Bitcoin traders built short positions worth more than $100 million on June 30, highlighting aggressive bearish bets in the crypto derivatives market. Lookonchain said address 0x069a held a 40x leveraged short on 900 BTC worth about $53.69 million, while address 0x3e7a held a 20x leveraged short on 800.75 BTC worth about $47.76 million. Leveraged shorts use borrowed exposure to profit if Bitcoin falls, but they also raise liquidation risk if the market moves higher.