Bitcoin Whales Load Up on Shorts Worth $225.79M
Two large Bitcoin traders have placed significant bearish bets on the cryptocurrency's price. According to CryptoQuant, their Futures Average Order Size metric showed whale-sized orders returning after a month of absence. However, these whales' positions were not revealed.
The Derivatives Taker Buy/Sell Ratio remained above 1 for two consecutive days, indicating that taker-buy volume exceeded taker-sell volume during this period. This suggests that the broader derivatives market does not support claims that most traders are shorting Bitcoin.
Despite this, two individual whales had placed substantial bearish bets. One of them lost around $978,000 after reducing his position three times this week but returned and added 269.35 BTC to his short position, reaching approximately 1,412 BTC worth $89.79 million in value.
The combined shorts of these two whales amount to nearly $226 million in bearish exposure, adding selling pressure while the positions remain open. However, closing or liquidating these shorts could create buying demand later.