According to data provided by Lookonchain, the so-called “Mystery Whale” recently deposited another 2.35 million USDC tokens in order to continue going long on Bitcoin, the leading cryptcurreny by market cap.
The whale has now managed to secure an unrealized profit of a whopping $5 million in a single day.
The enormous long position of the whale has now surpassed a quarter billion dollars.
With $17.45 million in the account, the whale is using 20x leverage.
Notably, a move of just 5% would completely wipe out the margin, meaning that the trader feels pretty confident about betting on bullish Bitcoin price action in the short term.
The current liquidation price for the aforementioned position stands at $105,090, which would be 4.5% below the current entry.
Lookonchain initially revealed that the mystery whale was going 20X long on Bitcoin (BTC). The whale created a new wallet and deposited $10 million on Hyperliquid.
Following this, the price of Bitcoin experienced a substantial price rally, surpassing $110,000.
$438 million worth of liquidations
According to data provided by CoinGlass, $437.90 million worth of crypto has been liquidated over the past 24 hours.
Short positions, obviously, account for the vast majority of this wipeout ($386.50 million).
A total of 105,590 traders got liquidated over the past 24 hours.
The 24-hour long volume stands at $54 billion, experiencing a massive 130% increase over the past 24 hours.
Among top Binance traders, there are 68 long accounts per 100 short accounts, meaning that traders are leaning bearish. However, those who are long Bitcoin are betting more heavily.
Read the full article here
