Mysterious Trader Takes $70M Bet on Bitcoin as Market Nears Danger Zone
A mysterious trader has taken on an extremely high-risk position in Bitcoin (BTC), sparking debate about their strategy and whether they have inside information. The trader, known as 0x396d, opened a 40x long position on 911.55 BTC ($70.08 million) using the analytics platform Lookonchain.
The market participant will be liquidated if the asset's price drops to $76,308 (unless they add extra collateral). Currently, BTC trades around $76,800 (per CoinGecko), very close to the danger zone.
The trader has made 80 BTC trades recently, winning 92.5% of them, which has led some users to believe that they may have inside information to make such staggering bets.
Analysts are warning that the leading digital asset has been shaky lately and its downtrend may intensify in the short term. The US Bureau of Labor Statistics will release the CPI report later today (September 11), which could hurt risk assets like BTC and altcoins.