Whale Positions for Lower Prices with New Limit Buy Orders
On February 4, a well-known crypto whale who has consistently bet against Bitcoin placed several new limit buy orders, signaling readiness to accumulate BTC should prices dip further.
According to the latest order book data, the whale will purchase 100 BTC if Bitcoin drops below $64,967 and an additional 200 BTC if it falls to $59,138. This strategic move suggests that despite maintaining a bearish outlook overall, the whale is preparing for potential market fluctuations.
Existing Short Position Still Profitable
Looking back, the whale initially shorted 499.91 BTC at a price of $111,499.3 with 20x leverage. It has since reduced its short exposure and currently holds a short position of 109.91 BTC, still generating floating profits of approximately $3.686 million.
In addition, the whale has already collected $10.0011 million in funding fee settlements, highlighting the effectiveness of its long-term bearish strategy.
Market Reaction: Whale Activity Signals Deepening Volatility
The whale’s decision to place buy orders at these levels could indicate a belief that the market may see further downside in the near term. Whale behavior often acts as a key sentiment indicator, especially amid heightened Bitcoin volatility.
Analysts suggest that while the trader has profited from its bearish stance, the placement of these buy orders shows a cautious approach toward longer-term price action, potentially influencing broader market sentiment.