Bitcoin Whale Bets Big with $438M Short Position

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  A Bitcoin OG has increased his short to 3,600 BTC.
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  His position faces a $3.66M unrealized loss.
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  Liquidation price is set at $139,900.

A well-known Bitcoin OG (original gangster or early adopter) has doubled down on a massive bearish bet, increasing his short position to a staggering 3,600 BTC, currently valued at $438 million. This risky move comes as Bitcoin continues to trade within a volatile range, testing the patience—and capital—of both bulls and bears.

Despite the massive scale of this trade, the OG is currently sitting on an unrealized loss of $3.66 million. While unrealized losses don’t always spell disaster, they reflect the pressure mounting on the position if market trends don’t shift in his favor.

Liquidation Looms at $139.9K

What raises eyebrows is the liquidation level for this short: $139,900. Given that Bitcoin is far from reaching that level, the OG may have some breathing room. However, in a market where rapid price surges are common, even deep‑pocketed traders aren’t immune to sudden liquidations.

This strategy suggests extreme confidence in a bearish outlook—or a hedge against other long holdings. Still, the unrealized loss and market conditions mean the situation could flip quickly if Bitcoin gains bullish momentum.

A High-Risk Play in a Volatile Market

Such large short positions are rare and often signal significant market sentiment from high‑net‑worth individuals. But they also carry immense risk. A bounce in Bitcoin’s price could amplify the losses, forcing the trader to either add more collateral or close the position at a loss.

Crypto traders and analysts are now watching closely to see if this massive short signals an incoming market shift or ends up as a cautionary tale.