BTC Whale Reduces Short Position by 110 BTC, Still Gains Over $10.72M Profit

Whale Reduces BTC Short Position, Profit Hits $10.72M

According to HyperInsight monitoring, on January 31, a whale known for long-term BTC shorting (address 0x5d2f4) started reducing its BTC short position 10 hours ago. Despite cutting 110 BTC from its position, the whale maintains a leveraged short of 389.91 BTC with a floating profit of over $10.72 million.

It's worth noting that this whale initially shorted 499.91 BTC when Bitcoin was trading at around $111,499.3. Through funding rate settlements, the whale has already accumulated approximately $9.99 million in earnings.

Market Implications

The whale’s position reduction has drawn market attention. Here are some potential impacts:

• Market sentiment might witness a temporary rebound as short-term selling pressure eases.
• The whale maintains a significant short position, indicating continued bearish expectations on Bitcoin’s long-term outlook.
• The funding rate earnings highlight the effectiveness of the whale’s shorting strategy in the current market environment.

Market observers are now closely watching Bitcoin’s price movement and potential future actions by the whale.