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Bitcoin Whale Expands Short Positions to $346 Million, On-Chain Data Shows

Bitcoin Whale Expands Short Positions to $346 Million, On-Chain Data Shows

Following a previous $160 million profit from shorting Bitcoin before the October crash, a whale has re-entered the market with a $75.93 million short position, indicating continued bearish outlook.

BTC

Summary

An on-chain analyst has reported that a whale, who previously profited $160 million from shorting Bitcoin, opened a $75.93 million short position involving 700 BTC at 10x leverage. The position was initiated four hours ago at an entry price of $109,133.1, with a liquidation price of $150,082.9, and an unrealized profit of $455,000.

Terms & Concepts
  • Whale: An individual or entity that holds large amounts of cryptocurrency, influencing market movements through significant trades.
  • Short Position: A trading strategy where the trader profits from the decline in the value of an asset by borrowing and selling it at a higher price, with the intention of repurchasing it at a lower price.
  • Leverage: The use of borrowed funds to increase the potential return on an investment, amplifying both potential gains and risks.