Whale Opens $36M Short Position on BTC After Selling 255 BTC, Holds 409.58 BTC at $87,892 Average Entry
New on-chain data shows a major trader closed $350M in BTC longs with losses, while maintaining significant stETH and Aave holdings alongside leveraged positions.
BTC
ETH
STETH
Summary
On January 8, Coinbob data revealed that a major crypto whale closed 3,846 BTC long positions worth $350 million over four hours, incurring a $3.6 million loss. The whale had targeted a Bitcoin price of $93,300 and withdrew $31.7 million in margin after closing. They also hold 30,060 stETH valued at $97 million and maintain $370 million in deposits on Aave. This follows earlier asset rotations and leveraged positions, including a $36 million BTC short, substantial WBTC trades, and strategic swaps between BTC and ETH.
Terms & Concepts
- WBTC (Wrapped Bitcoin): A tokenized representation of Bitcoin on the Ethereum blockchain, backed 1:1 by BTC and commonly used in DeFi protocols.
- Aave: A decentralized finance lending protocol that allows users to deposit, borrow, and withdraw crypto assets without intermediaries.
- Whale: An individual or entity that holds and transacts very large amounts of cryptocurrency, often tracked due to potential market impact.