Bitcoin Veteran Trader Goes Long Again After $15 Million In Losses — Will Third Time Be The Charm?

Bitcoin BTC/USD is trading in a range, with sudden drops triggering losses for long-position traders. Despite this, bullish sentiment remains strong, supported by solid underlying fundamentals across the broader crypto market.

What Happened: On-chain tracker Lookonchain in an X post on June 20 noted that ByBit's top trader AguilaTrades has gone long on Bitcoin once again, opening a massive 3,854 Bitcoin position worth $408 million, currently showing $3.2 million in unrealized gains.

AguilaTrades previously suffered $15.4 million in losses within 10 days, after failing to lock in profits. The trader’s most recent position flipped from a $10 million unrealized gain to a $2.5 million drawdown, echoing a previous trade where a $5.8 million profit reversed into a $12.47 million loss.

Now operating on Hyperliquid, where the trader moved after raking in $77.36 million in profits on ByBit in 2023, AguilaTrades is trading with 20x leverage and a liquidation price of $103,330. Will AguilaTrades finally take profits this time or repeat past mistakes in a bid to dominate Hyperliquid?

Also Read: Bitcoin, Ethereum, XRP, Dogecoin Hold Steady: No Top In Sight, ‘Plenty Of Room To Grow’

Why It Matters: Aguila's aggressive reentry comes as macro sentiment turns bullish for crypto. El Salvador is expanding Bitcoin adoption with new BTC/USD kiosks at its main airport and spot Bitcoin ETFs continue to attract strong institutional inflows. Today's Bitcoin options expiry, with $5.8 trillion in open contracts, is expected to exert upward pressure on the crypto’s price.

Santiment data points out that Bitcoin wallets are showing a divergence between whales and retail. Whale wallets (10+ BTC) increased by 231 in the last 10 days, while Retail wallets (0.001–10 BTC) decreased by 37,465 in the same period.

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On-chain data suggests that this divergence, where whales accumulate while retail exits, has historically signaled an upcoming bullish momentum in crypto markets. With Bitcoin trading above $104,300, the setup resembles past phases before major rallies.

What's Next: Crypto trader BitBull sees Bitcoin following the classic Power-of-3 market structure — accumulation continued from Jan.–Feb. 2025, manipulation entered from March–April 2025, and expansion, which is currently underway.

BitBull predicts that post-options expiry, a few more days of consolidation will pave the way for a volatile breakout, with price targets between $130,000 and $135,000.

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