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

A crypto whale on Hyperliquid has opened two heavily leveraged short positions against Bitcoin and XRP, totaling $140 million, with the account currently profiting approximately $3.1 million. The whale used 20x leverage for these bets, entering at an average price of $102,978 for Bitcoin and $2.30 for XRP. Both cryptocurrencies have seen minor declines, with Bitcoin dropping less than 2% to around $101,110 and XRP falling nearly 4% to $2.21. This move is seen against a backdrop of growing bearish sentiment in the crypto market, as institutional investor Galaxy has recently decreased its Bitcoin price target from $185,000 to $120,000. Furthermore, the treasury address tied to the whale is speculated to have insider knowledge, following a similar whale that profited significantly from shorting prior market drops. Overall, the actions of this whale reflect a wider uncertainty in the cryptocurrency landscape as it grapples with potential bear market conditions.

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