Bitcoin’s Price Swoon is characterized by a veteran dealer who places a bearish bet worth millions of dollars.
A Bitcoin “and” placed a geared card of 3,600 BTC, valued at $ 438 million, on the decentralized exchange hyperliquid while trading overnight when BTC’s spot price card dipped less than $ 120,000, according to Blockchain analyst Lookonchain.
The liquidation price of the short trade is $ 139,900. In other words, this is the level at which position will encounter a margin deficiency and the risk that is by force closed by the exchange.
The term “and” (original gangster) refers to a device involved in the Bitcoin market since its early days, often considered a long-lasting proprietor.
In particular, this and 3,000 BTC sold in the spot market earlier this week. A month ago, the unit also sold 35,991 BTC to diversify to Ether, the second largest cryptocurrency at market value.
Bitcoin changed hands to $ 121,700, showing a slight recovery from low overnight, according to Coindesk data. While and whale short -circuited BTC, the overall market mood remains bullish, as reflected by positive financing rates taken from VELO.
At the time of writing, the annual perpetual funding rates for BTC were around 5%, indicating a bullish bias, but nothing unusual.
