In a high-stakes gamble, a Bitcoin (CRYPTO: BTC) whale has initiated a short position of $332 million, facing potential liquidation if Bitcoin’s price surges to $85,000.
What Happened: A Bitcoin whale has opened a $332 million short position at an entry price of $84,040, as revealed by data from analytics platform Lookonchain. The position was leveraged 40 times, indicating that the trader borrowed 40 times the initial capital.
At the time of writing, Bitcoin was trading at $83,945, a 2.3% decrease over the past week, as per data from CoinGecko. If Bitcoin’s price hits the $85,000 mark, the trader’s massive position could face liquidation.
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