An investor who opened a massive $517 million short position on Bitcoin BTC/USD with a 40x leverage closed all their trades Tuesday, profiting millions of dollars.
What happened: The position was opened at an entry price of $83,898 on the perpetual trading platform Hyperliquid, and would have been liquidated had Bitcoin reached $85,557.
However, none of the trader's perpetual futures contracts were active as of this writing, suggesting that the bets were closed.
The whale walked away with total profits of $9.46 million, with over $4 million in the last three days alone.
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Popular on-chain tracking platform Spot On Chain confirmed these findings, adding that the whale bought $6.11 million in Ethereum ETH/USD following the exit.
The profitable closure of the highly leveraged short bet raised speculation that Bitcoin could reach $85,000 and beyond.
Meanwhile, the percentage of traders positioned long on Bitcoin surpassed bearish bets, according to data from Coinglass.
The apex cryptocurrency has dumped over 14% in the previous month, and more than 23% since its all-time highs set nearly two months ago.
Price Action: At the time of writing, Bitcoin was exchanging hands at $83,248.11, down 0.39% in the last 24 hours, according to data from Benzinga Pro.
Benzinga Note: Leverage trading allows cryptocurrency traders to open larger positions using borrowed capital. While it can potentially amplify profits, it also significantly increases the risk of substantial losses due to the volatile nature of the cryptocurrencies.
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