According to data provided by cryptocurrency analytics platform CoinGlass, a massive Bitcoin whale has increased their short position to an eye-popping $515 million on the Hyperliquid platform.
In fact, this is now believed to be the largest Bitcoin short ever.
As reported by U.Today, the whale opened a short position of $332 million with 40x leverage last week, causing a significant stir.
Alex DovbnyaAfter facing a multi-million loss on Monday, the trader has made a stunning comeback. His current unrealized profit stands at $6.43 million.
Cryptocurrency market participants are now trying to hunt down the Hyperliquid whale and liquidate their position. The liquidation price currently stands at $85,557.
Meanwhile, the Bitcoin price has just dipped below the $83,000 level. The cryptocurrency is down by nearly 1% over the past 24 hours. Overall, $184 million worth of crypto has been liquidated over the past 24 hours, with short positions making up the majority of this sum ($94.19 million).
Bitcoin is widely expected to experience more volatility on Wednesday when the U.S. Federal Reserve is expected to unveil its rate decision on March 19. The Fed is widely expected to keep the benchmark rate unchanged.
Ciara Sun, managing partner at C2Ventures, claims that Bitcoin's low volume is "flashing caution" despite the green close recorded by the tech-heavy Nasdaq-100 index, which tends to have a strong correlation with the largest cryptocurrency. "Without strong momentum, we could see increased volatility and a further decline in BTC. Watching patiently for shifts in market sentiment," she said.
Vladislav Sopov
Dan Burgin