Bitcoin The price fade is marked by a seasoned trader placing a bearish bet worth millions of dollars.
An “OG” bitcoin placed short leverage of 3,600 BTC, valued at $438 million, on decentralized exchange Hyperliquid during overnight trading, as the spot price of BTC briefly fell below $120,000, according to blockchain analyst LookOnChain.
The liquidation price of the short trade is $139,900. In other words, this is the level at which the position will encounter a lack of margin and risk being forcefully closed by the exchange.
The term “OG” (Original Gangster) refers to an entity that has been involved in the bitcoin market since its inception, often considered a long-term holder.
Notably, this OG sold 3,000 BTC in the spot market earlier this week. A month ago, the entity also sold 35,991 BTC to diversify into ether, the second largest cryptocurrency by market capitalization.
Bitcoin changed hands at $121,700, showing a slight recovery from overnight lows, according to CoinDesk data. While the OG whale has shorted BTC, overall market sentiment remains optimistic, as evidenced by the positive funding rates coming from Velo.
At the time of writing, BTC’s annualized perpetual funding rates were around 5%, indicating a bullish bias but nothing unusual.
