A recent $45 million bet by an anonymous whale on Bitcoin is capturing significant market attention. The position poses liquidation risks if Bitcoin prices breach certain levels.
Overview of the Massive Bet
According to data from Coinglass, an anonymous whale has placed a long position worth $45 million on Bitcoin with a 40x leverage. The liquidation of this position will occur at a price level of $105,000, while a rise to $125,000 could trigger short liquidations totaling $5.6 billion.
Pressure on Short-Term Holders
Short-term holders are feeling the pressure as many are at breakeven, contributing to sell pressure during minor rallies. The situation worsened with Binance's net taker volume crashing to -$1.5 billion, indicating dominant selling activity.
Strong Demand on the Long-Term Horizon
Despite short-term volatility, long-term demand metrics remain strong. Over the past month, about 160,000 BTC has been absorbed by the market, with accumulator wallets adding nearly 50,000 BTC. OTC desks now hold only 145,000 BTC, a 74% drop from four years ago.
The position of the Bitcoin market is being controlled by whales, and the $45 million bet should be viewed as a potential catalyst for a significant short squeeze if prices reach the $125,000 mark.
