Bitcoin's Key Support Level Remains Intact Amid Strategy Move and Large Short

A recent strategy move of $66M Bitcoin has sparked debate over whether institutional holders are becoming more defensive.

The company behind the transactions has repeatedly moved Bitcoin between wallets without selling, but this latest transaction arrived as market sentiment remained fragile.

Attention quickly shifted to derivatives after a newly created wallet deposited 2.44 million USDC into Hyperliquid and opened a 40x leveraged short worth roughly $102.6 million on Bitcoin.

The position carried a liquidation price of $64,888.97, placing it close to the prevailing market price, and both transactions intensified bearish speculation as they appeared within hours of each other.