Trader Placed $38.7 Million High-Leverage Bet on Bitcoin

A high-stakes bet has been placed on Bitcoin by an experienced short-term trader. The trader, identified as '0x854', opened a long position of approximately $38.7 million using 40x leverage.

The position was entered at an entry price of $64,469 and currently shows an unrealized loss of around $259,000 due to the volatile market conditions.

The trader has also placed limit buy orders totaling $31.44 million within the price range of $63,500 to $63,674, which would balloon the total position size to approximately $70.11 million if fully executed.