Whale Bets Big Against Bitcoin Amid Price Surge
On March 12, as Bitcoin briefly surged past the $70,000 mark, a large on-chain address made a bold move—doubling down on a heavily leveraged short position during the rally.
The address added approximately 23.3 BTC (worth ~$1.6M) in the past 30 minutes, further averaging down its 40x leveraged short. The total position has now grown to $3.12M, with an average entry price of $69,556.
Holding Firm Despite 16% Unrealized Loss
Even with a current unrealized loss of around 16%, the trader showed no sign of retreat. Instead, multiple take-profit orders were placed between $69,200 and $69,450, indicating a strategy to exit in stages if price drops.
- Position opened: 3 hours ago
- Liquidation price: $70,637
- Leverage used: 40x
- Trading behavior: Aggressive averaging, strong bearish bias
The liquidation level suggests the trader believes Bitcoin won’t sustain above $70,637. This level acts as a critical threshold—if breached, the position could be wiped out. Until then, it stands as a bold bet against the prevailing bullish momentum.
Analysts note that while such high-leverage plays are extremely risky, they also reflect deep market conviction. As BTC approaches key psychological resistance, the battle between bulls and bears is heating up.