Crypto Whale Bets Against Bitcoin and XRP With $140 Million in Shorts

A crypto whale on Hyperliquid has opened short positions totaling $140 million against Bitcoin and XRP, leveraging 20x. Within nine hours, the whale's wallet gained approximately $3.1 million, despite only minor percentage declines in both assets. This trading move coincides with a bearish sentiment in the crypto market, as institutional firm Galaxy adjusted its Bitcoin year-end target downward due to concerns of low volatility in Bitcoin's future. The whale's short against Bitcoin started with an average entry price of $102,978, and for XRP, it was $2.30. The current market conditions suggest a fear of a bear market, marked by Bitcoin hitting a six-month low in the Fear and Greed index, which could have serious implications for future trading strategies. Notably, this comes amid claims of insider knowledge linked to recent profitable trades, further stirring speculation within the crypto community.

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