The drop in the price of Bitcoin (BTC) caught the attention of the investment world when an experienced trader opened a $438 million short position. Known as a Bitcoin OG, this whale executed a leveraged short trade worth 3,600 BTC on a decentralized exchange called Hyperliquid. The trade took place on a night when the price of BTC fell below $120,000.
The liquidation price for this trade was set at $139,900. This is defined as the level at which the position will experience a margin deficiency and is at risk of being forcibly closed by the exchange. The term OG (Original Gangster) refers to individuals who have been in the Bitcoin market for years and are generally regarded as long-term investors.
In a significant development, this whale sold 3,000 BTC in the spot market earlier this week. Last month, they sold 35,991 BTC, redirecting their investments towards Ethereum, the second-largest cryptocurrency by market capitalization. According to CoinDesk data, the price of Bitcoin is trading at around $121,700, showing a slight recovery from the low levels experienced during the night.
Despite the OG whale opening a short position, the overall sentiment in the market remains bullish. This situation is also supported by positive funding rates sourced from Velo. At the time of writing, the annual perpetual funding rates for Bitcoin are hovering around 5%, indicating a general upward trend in the market.
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Bitcoin, BTC, whale, short position, Ethereum, cryptocurrency
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