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

A crypto whale on Hyperliquid has initiated two heavily leveraged short positions totaling $140 million against Bitcoin and XRP, currently showing a profit of approximately $3.1 million. This significant move comes amid a bearish trend in the cryptocurrency market, prompting concerns about potential downturns. The whale opened a 20x leveraged short on Bitcoin at an entry price of $102,978 and another on XRP at $2.30. As the market reacts with slight declines in these assets, the unknown wallet’s position is benefitting from minor downward movements. The wallet originally funded with $7 million in USDC is scrutinized for potential insider knowledge, especially given past associations with significant profits from shorting around the time of market-moving news. Despite the uncertainty in the market, some analysts remain cautiously optimistic, suggesting that the volatility might still yield opportunities for recovery, reflecting fluctuating predictions for Bitcoin’s future price targets.

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