Whale Trims $90M Leveraged Short as Bitcoin Price Surges
A large cryptocurrency trader, often referred to as a whale, has reduced its highly leveraged short position on Bitcoin after a brief price surge triggered stop-loss orders.
The wallet in question, which begins with the address 0xff84, had opened a 40x leveraged short of 1,600 BTC on the Hyperliquid exchange, a position worth over $100 million at the time.
This move was likely made to avoid a full liquidation, as Bitcoin's price rose above $65,000 and triggered stop-loss orders. As a result, four of the wallet's 50 BTC stop-loss orders were filled, reducing the short by 200 BTC.
The remaining position is still substantial, with the wallet holding a 1,400 BTC short position valued at approximately $90.54 million. The liquidation price for this position has adjusted slightly to $64,998, leaving the whale vulnerable to further price increases.