A Bitcoin BTC/USD whale accumulated about $7.5 million in unrealized profit by successfully shorting the apex cryptocurrency amid the ongoing market correction.
What Happened: According to an X post by on-chain tracking platform Lookonchain Sunday, the trader shorted Bitcoin at approximately $96,500 on Feb. 22 and closed the position near the bottom at around $78,900 six days later.
The whale re-entered a short position at the peak of approximately $94,424 following the rally induced by President Donald Trump’s executive order establishing a Strategic Bitcoin Reserve.
As of this writing, they have set additional short positions at $92,449-$92,636 and placed limit orders to take profit between $70,475-$74,192.
See Also: Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate
Why It Matters: The whale’s successful shorting of Bitcoin comes in the wake of the broader market crash Sunday evening following Bitcoin’s fall to $80,000.
Well-known Bitcoin bull Arthur Hayes predicted a retest of $78,000, with $75,000 next in line if that failed, indicating a convergence with the whale’s conviction.
The timing of several leveraged trades has sparked speculation of possible insider trading in recent days. Last week, a whale closed their 50x leveraged position on Bitcoin and Ethereum ETH/USD shortly before Trump announced a cryptocurrency reserve, resulting in a profit of over $6 million.
Price Action: At the time of writing, Bitcoin was exchanging hands at $81,575.36, down 5.01% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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