Bitcoin OG Linked to Trend Research Boosts Short Position to $438 Million
Lookonchain reports a Bitcoin OG closed significant short positions in BTC and ETH within 30 hours, netting over $160 million, leaving only a small short position in BTC.
BTC
ETH
Fact Check
Multiple sources directly corroborate the statement. Yahoo Finance, RootData, Bitget, and CoinCentral all report that a 'Bitcoin OG' increased a Bitcoin short position to a value of $438 million. One source explicitly links this 'Bitcoin OG' to Trend Research, confirming all elements of the claim.
- Reference: 1
Summary
A Bitcoin OG reportedly earned over $160 million after closing most of their BTC and ETH short positions within 30 hours, leaving a remaining short position of 821.6 BTC ($92 million). The trader had previously opened a $30 million short position on ETH using 12x leverage, which reached a total value of $330 million.
Terms & Concepts
- Bitcoin OG: An experienced or early Bitcoin investor, often with significant holdings or a long history of involvement in the cryptocurrency market.
- Short Position: A trading strategy where an investor borrows an asset and sells it, expecting the price to decrease in order to buy it back later at a lower price.
- Liquidation Price: The price point at which a leveraged position is automatically closed by the exchange to prevent further losses.