Bitcoin Whale's $99M Short Position on Brink of Liquidation
A Bitcoin whale is on the verge of a $99 million liquidation as the price rebounds. According to Lookonchain, an anonymous trader identified by an address starting with 0xff84 has opened a heavily leveraged short position on Bitcoin.
The trader holds a 40x leveraged short position of 1,543 BTC, currently valued at approximately $98.97 million. The initial short position was opened on August 5 at an entry price of $64,202, and the trader partially closed it at a loss to reduce risk.
The liquidation price is set at $64,225.35, and Bitcoin's current trading price nears $64,100, leaving the position just $125 away from forced liquidation.