Bitget Trade Sees $38 Million BTC Position with 40x Leverage

An on-chain analyst has detected an unusually large trade on Bitget involving Bitcoin. According to Ai Yi, the analyst monitoring the activity, a certain address took a 40x leveraged long position on $38.67 million worth of BTC at 64,469 US dollars, with an entry price that now holds an unrealized loss of $259,000. This is not the first time this address has engaged in such strategies; it mainly adopts short-term trading methods.

The large trade involves a limit long order totaling $38.67 million, with a 40x leverage position on 603.71 BTC. The analyst notes that if all orders are filled, the total position will reach $70.11 million, making it the largest of the year if achieved. This address has also placed limit long orders in the 63,500 to 63,674 US dollars range, totaling 31.44 million US dollars.

Ai Yi's monitoring indicates that this long position is the sixth largest of the year so far and may become the largest if all the limit long orders are filled. However, the analyst does not provide any investment advice or predictions in their report.