Bitcoin’s price has been bouncing around lately, hovering near its 200-day moving average. But one big player, a “whale,” decided to bet against it.
A Whale Takes a Big Short
This whale placed a massive short bet on Bitcoin futures, worth over $445 million! They used 40x leverage – meaning a small price move could wipe them out. Their bet is set to trigger a “liquidation” (meaning they lose everything) if Bitcoin hits $85,940. Despite the huge risk, they’re currently showing a small profit of around $4.4 million.
The Hunt Begins
A trader known as CBB rallied other traders online to try and force the whale’s liquidation by driving the Bitcoin price up. They even managed to push Bitcoin above $84,690 for a short time, forcing the whale to add $5 million to their account to avoid immediate liquidation. While the initial attempt failed, the battle continues.
Hyperliquid’s Role
The whole drama unfolded on the Hyperliquid trading platform, which boasts of its transparency. Hyperliquid highlighted the event as a testament to its platform’s ability to handle high-stakes trades. They even pointed out that the transparency of their system makes it impossible to fake trading results.
The Aftermath
Ultimately, the whale managed to maintain their position and even increased their profits by closing some positions strategically. The Bitcoin price at the time of writing is $83,455. The whole episode shows just how volatile the crypto market can be, and the high-stakes games played by some of its biggest players.
