Bitcoin OG Trader Places $438M Bearish Bet on Hyperliquid
A veteran trader, known as a "Bitcoin OG," has placed a significant short position on Bitcoin (BTC) worth $438 million. This short involves 3,600 BTC on the Hyperliquid decentralized exchange.
- The short was initiated as BTC's price briefly dipped below $120,000.
- The liquidation price for this position is set at $139,900.
Previously, this trader sold 3,000 BTC in the spot market and had offloaded 35,991 BTC last month to invest in Ether.
- Currently, BTC is trading at around $121,700, showing a slight recovery.
- Despite the bearish move by the OG, overall market sentiment remains bullish, with funding rates indicating a 5% annualized rate.