A massive crypto whale has loaded a $122 million short position on Bitcoin through the decentralized exchange Hyperliquid.
The trader transferred $30 million in USDC to Hyperliquid to fuel the bet, according to Arkham Intelligence.
This move comes after the whale pocketed $200 million by shorting Bitcoin during its recent plunge to around $105,000.
In the past week, the whale also shifted $540 million worth of Bitcoin to fresh wallets, including $220 million deposited to Coinbase.
The short position was taken at an average entry price of $109,762, uses 10x leverage with a liquidation price at $135,320.
Arkham’s tracking shows the whale’s entity holds over $4.8 billion in assets, mainly in Bitcoin and USDC.
Bitcoin is priced at $109,544 at time of publishing, down 1.4% in the last 24 hours.
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