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

A crypto whale has opened two heavily leveraged short positions totaling $140 million against Bitcoin and XRP, making a profit of approximately $3.1 million within nine hours of trading. The wallet, funded with $7 million in USDC, executed these trades on Hyperliquid with a 20x leverage. The Bitcoin short was entered at an average price of $102,978, while the XRP position was initiated at $2.30. The price movements showed Bitcoin declining to $101,110 and XRP dropping to $2.21, contributing to the whale's gains. This activity coincides with a broader bearish sentiment in the crypto market, as institutional crypto firm Galaxy reduced its Bitcoin price target from $185,000 to $120,000. Concerns regarding market volatility and recent downward trends intensified following Bitcoin's dip below critical support levels.

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