Whale Short-Sells 640 BTC for $49.33M, Betting Big on Crypto Decline
A significant Bitcoin whale has made a massive short bet on the cryptocurrency, wagering $49.33 million on its decline. According to Lookonchain, wallet 0xedcd created a new address and deposited 20 million USDC into Hyperliquid, using this capital to flip a prior profit of $10 million from a long position in Ethereum (ETH) into a short position in Bitcoin (BTC). The whale's bet involves shorting 640 BTC at the current price.
The move comes as Bitcoin trades within a bearish structure, with its price capped by resistance from the EMA50 at $78,432.76 and anchored by support from the EMA200 at $74,118.37. Technical indicators such as MACD and RSI suggest room for further downside before any potential bounce.
The whale's bet sets up a probable retracement that aligns with BTC price prediction models and crypto market crash scenarios. The exact timing and extent of this possible decline are uncertain but could be influenced by the whale's actions, among other factors.