A highly leveraged bitcoin short position has come under renewed pressure as the price of BTC rose. According to a BlockBeats report on Aug 7, on-chain monitor Yujin flagged a whale that had shorted 1,600 BTC two days earlier, with leverage reported at 40x. The position had a notional value of roughly $102 million. As bitcoin rebounded to $65,300, the account was stopped out once again. The latest cut closed 500 BTC, about $32.6 million. Combined with earlier stop-losses forced by the bounce, 700 of the original 1,600 BTC shorted have now been closed. What remains is a 900 BTC short, worth approximately $58.66 million. On the morning the whale entered the trade, the margin stood at $2.44 million. That amount has since fallen to roughly $900,000, an unrealized loss of $1.54 million, or about 63% of the starting capital. The whale's short is still partially open.
A bitcoin whale running a heavily leveraged short took another stop-loss on Aug 7 as the price of BTC pushed higher.
BlockBeats reported the development, citing on-chain monitor Yujin. The whale had opened a short on 1,600 BTC two days earlier, worth roughly $102 million in notional terms. The trade was leveraged at 40x, according to the report.
As bitcoin rebounded to $65,300, another 500 BTC was stopped out of the position. That block of the short was valued at about $32.6 million.
Of the original 1,600 BTC short, 700 BTC have now been stopped out during the rally. The whale still holds a 900 BTC short, worth approximately $58.66 million.
The margin balance has also shrunk. When the whale opened the trade two mornings ago, it posted $2.44 million in margin. The account now holds roughly $900,000, an unrealized loss of $1.54 million. The short remains partially open.
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