Bitcoin Whale Places $438M Bearish Bet Amid Price Fluctuations
- A veteran trader executed a leveraged short of 3,600 BTC, valued at $438 million, on the decentralized exchange Hyperliquid.
- The liquidation price for this short position is set at $139,900.
- The Bitcoin spot price briefly dipped below $120,000 before recovering to around $121,700.
- Earlier this week, the same trader sold 3,000 BTC and previously sold 35,991 BTC to diversify into Ethereum.
- Current annualized perpetual funding rates for BTC are approximately 5%, indicating a bullish market sentiment despite the bearish bet.
The significant short position reflects ongoing volatility in the Bitcoin market as traders respond to price changes. Despite this bearish action from a long-term holder, overall market indicators remain positive.
As of now, Bitcoin’s price stands at $121,700 following a brief dip below $120,000 during trading hours.(Source)
