Bitcoin Whale Nets $197M Profit, Sparks Speculation of New Short
Bitcoin is currently trading around $112,500, experiencing ongoing volatility following a recent significant market crash. Short-term holders are under pressure, with many reacting emotionally to price changes and selling in panic.
- The STH realized price suggests that recent buyers are affected by the volatility.
- A notable Bitcoin whale closed short positions, securing over $197 million in profits, marking a successful trade.
- Market sentiment is divided between fear-driven sellers and investors taking advantage of potential opportunities.
Bitcoin Whale Activity Sparks Speculation
- Lookonchain tracked moves by the trader known as BitcoinOG, who closed BTC short positions with significant profits.
- The trader transferred $89 million USDC to Binance, raising speculation about reopening short positions.
- Bitcoin open interest on Binance surged shortly after this deposit.
- Analysts are uncertain if this signals more shorting or capital repositioning for strategies like hedging or arbitrage.
BTC Consolidates Below Key Level
- Bitcoin trades around $112,500, just above its short-term support zone.
- It is trapped between the 50-day moving average (~$115,000) and 200-day moving average (~$108,000).
- The $117,500 level acts as a key supply zone, with repeated rejections confirming its significance.
- Bulls struggle to regain control after a sell-off, and failure to hold above $110K could lead to further declines.
- Holding above this range may stabilize sentiment, allowing a potential retest of $115K–$118K.
