Crypto Whale Bets Against Bitcoin Again
A prominent crypto derivatives trader, known for making $192 million betting against the market during a flash crash, has opened another high-stakes position.
Using 10x leverage, the trader's current position shows a $3.5 million profit, but it would be liquidated if Bitcoin (BTC) reaches $125,500.
- The trader, identified by the wallet 0xb317, opened a $163 million leveraged perpetual contract to short Bitcoin (BTC) on Sunday.
- This entity has been labeled an "insider whale" due to the seemingly perfect timing of their trades.
Some speculate the trader may have amplified the recent market cascade.
The trader gained notoriety after opening a massive short just 30 minutes before former President Trump announced new tariffs on Chinese imports, triggering a $19 billion market liquidation.
Author's summary: Crypto whale bets against Bitcoin again with high-stakes position.