Bitcoin OG Balina opened a short position of 438 million dollars after selling 3,000 BTC.

Recently, a noteworthy development has occurred in the cryptocurrency markets. A long-standing and prominent investor in the cryptocurrency world, Bitcoin OG, has decided to open a significant short position following their recent sales. According to on-chain data, this mysterious whale has opened a short position of 3,600 Bitcoin, valued at approximately 438 million dollars.

The whale executed this transaction on the decentralized derivatives exchange Hyperliquid. It was determined that the related wallet sold 3,000 Bitcoin (approximately 363 million dollars) two days ago and sold 35,991 Bitcoin (approximately 4.38 billion dollars) a month ago, acquiring 886,371 Ethereum (3.88 billion dollars) in the process. This on-chain activity is thought to indicate that the investor has shifted a large portion of their capital from Bitcoin to Ethereum.

According to analysts, this investor executed the short position with 6x leverage. For this transaction, they transferred 80 million dollars worth of USDC to Hyperliquid and 50 million dollars worth of USDC to their Binance account. However, at present, the whale's opened position is showing a loss of approximately 3.66 million dollars, with a liquidation price set at 139,900 dollars.

Lookonchain claims that this wallet might be associated with the analysis account @Trend_Research_. On-chain data shows that 0.1 Ethereum was sent from the 0x52d3 address to this whale, and subsequently, 1.31 million USDC was deposited into the Binance account of Trend Research. This connection has ignited discussions within the crypto community regarding the identity of this mysterious investor.

At the time of writing this news, the price of Bitcoin is trading at 121,700 dollars. In the short term, an increase in selling pressure in the market is anticipated, while positive funding rates indicate that overall market sentiment still trends upward. It is crucial for investors to remain cautious and closely monitor market dynamics in light of the current situation.