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A Bitcoin whale who placed a huge bet on a drop in the BTC price has doubled down on the trade as markets brace for key economic data this week.
The whale initially opened a 40x leverage short position for over 4,442 BTC, valued at more than $368 million, according to data from Hypurrscan.
In the last 24 hours, the whale has added to the position, with the total BTC in the short trade standing at more than 5,199 coins, worth over $432.7 million, as of 1:18 a.m. EST.
Bitcoin Whale Sitting On $3.6 Million Unrealized Gain
The position has so far worked out in the trader’s favor. Hypurrscan data shows the whale opened the position when the crypto market leader was trading at $83,923.20.
Bitcoin has since dropped slightly to trade at $82,875. The liquidation price for the trade is $86,115.
The pullback in BTC’s price has resulted in an unrealized gain of more than $4.1 million for the crypto whale so far. However, the trader has an over $382,000 loss on his position’s funding fees.
WOW!!! THIS IS CRAZYYY 🤯
Trump insider whale who opened a $380 million bitcoin short with 40x is being hunted publicly on “ X ” by a group of people who are trying to liquidate him at $86,600. pic.twitter.com/3z6ZGVtXFz
— Ash Crypto (@Ashcryptoreal) March 16, 2025
This short position was opened ahead of numerous economic releases this week. Most notably, investors are bracing for the Federal Open Market Committee (FOMC) meeting on March 19, which could impact investor appetite for risky asset classes such as Bitcoin.
Crypto Market Drops 1% As Top Ten Cryptos Bleed
In the last 24 hours, the capitalization of the crypto market dropped over 1%, according to data from CoinMarketCap. This was after almost all of the top ten largest cryptos recorded 24-hour losses.
Only BNB managed a gain in the past day of trading among major cryptos, with its price rising more than 3%.
Meanwhile, Solana (SOL) registered the biggest 24-hour loss in the top ten list after the SOL price plunged more than 6%.
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