Bitcoin Whales Open $100M+ Short Positions as Price Falls Below $60K

Large cryptocurrency wallets have opened more than $100 million in combined leveraged short positions against Bitcoin, signaling increased bearish exposure in the market.

The activity was led by wallet 0x069a, which established a 40x short position on 900 BTC worth approximately $53.69 million.

It was followed by wallet 0x3e7a, which opened a 20x short on 800.75 BTC valued at about $47.76 million.

The positions emerged as Bitcoin continued to trade below the $60,000 level amid recent weakness. At the time of reporting, BTC was priced near $59,162, reflecting a 1.1% decline over the past 24 hours.

Source: Lookonchain