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

A crypto whale recently opened heavily leveraged short positions against Bitcoin and XRP, totaling $140 million. As of the time of reporting, the whale has earned approximately $3.1 million in profits despite only minor declines in both cryptocurrencies. The whale's account on Hyperliquid was funded with $7 million from a wallet that redeemed tokens from a zero address, making further tracking of the funds impossible and sparking speculation that the wallet holder may possess insider knowledge. This action occurs amid a broader bearish trend in the crypto market, with notable institutions like Galaxy adjusting their year-end Bitcoin price targets downwards. The whale's short positions include a 20x leverage bet against Bitcoin, which at an average entry price of $102,978, saw Bitcoin drop about 2% to $101,110. Additionally, the XRP short position was entered at approximately $2.30, leading to a nearly 4% drop to around $2.21. This trading behavior also follows significant market fears as Bitcoin suffered a notable 17% decline over the past month, raising apprehensions of a potential bear market.

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