According to data provided by the Analytics platform LookonChain, recently Bitcoin Zilla open The entry price is $84,040, and the short position is $332 million in Bitcoin.
The position was opened with 40x leverage. In other words, traders borrow 40 times their initial capital.
Bitcoin is currently changing its hands at $83,945, according to Coingecko data. Cryptocurrency has fallen 2.3% over the past week.
When the prices of major cryptocurrencies finally surge to the $85,000 level, the huge positions are settled.
The trader in question was previously able to win a whopping $16.39 million within a month on a popular, decentralized, permanent trading platform. In particular, all his eight transactions were profitable from two wallets.
Some X commentators predict that traders will inevitably be liquidated given how unstable his position is.
“These types of people will lose all of that,” said one social media user.
A 40x leverage dramatically increases the risk of liquidation. It requires only 2.5% movement. It wipes out his entire position.
Data provided by Coinglas shows that over the past 24 hours, a total of $94 million worth of crypto has been settled, with shorts making up the majority of the total ($49 million). The largest single liquidation took place at Binance ($582,130 for BTC/USDT pair). Overall, over 65,000 traders have been liquidated over the aforementioned period. Binance Exchange accounts for 38.79% of total liquidation.
