Whale Takes Bearish Bet on Bitcoin with $23.8M 30x Short Position

A newly created wallet has taken a significant bearish bet on Bitcoin, opening a $23.8M 30x leveraged short position on the leading cryptocurrency.

The wallet deposited 4 million USDC before initiating the trade, using 300 BTC as collateral to secure the position.

The liquidation price is set at $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 funds.

While large leveraged positions are not uncommon in the crypto derivatives market, they carry significant risk, amplifying both potential gains and losses.