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