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Bitcoin OG Expands Short Position to 3,600 BTC Worth $438 Million

Bitcoin OG Expands Short Position to 3,600 BTC Worth $438 Million

A newly created Bitcoin short position on Hyperliquid sees significant gains as the trader holds a $140 million position, mirroring the strategies of a known Bitcoin whale.

BTC
ETH
HYPE

Fact Check
All three pieces of evidence explicitly state that a 'Bitcoin OG' increased their short position to 3,600 BTC, valued at $438 million. The information is consistent and directly supports the statement.
    Reference: 123
Summary

An on-chain analyst revealed that a new address took a $140 million Bitcoin short position on Hyperliquid, with $1.3 million in unrealized profits. The trader, using 5x leverage, holds 1,240 BTC with a liquidation price of $137,695, after withdrawing funds from Crypto.com and transferring ETH from Hyperunit.

Terms & Concepts
  • Short Position: A trading strategy where an investor sells an asset they do not own, aiming to buy it back later at a lower price for profit.
  • Leverage: The use of borrowed capital to increase the potential return of an investment, amplifying both gains and losses.
  • Liquidation Price: The asset price at which a leveraged position is automatically closed to prevent further losses when margin requirements are breached.