Whale Opens $23.8M 30x Leveraged Short Position on Bitcoin with Liquidation Price of $90,820.04

A new wallet has opened a $23.8M 30x leveraged short position on Bitcoin, according to on-chain data from Lookonchain.

The position was initiated with 300 BTC as collateral and a liquidation price of $90,820.04, meaning that if Bitcoin's price rises to this level, the position will be forcibly closed, resulting in a total loss of the deposited USDC.

This large short position is not uncommon in the crypto derivatives market, but it carries significant risk due to its high leverage, which amplifies both potential gains and losses. The choice of a fresh wallet suggests that the trader may be seeking anonymity or executing a one-off strategic move.