A Bitcoin whale has closed over half a billion dollars in short positions, betting on Bitcoin price’s decline ahead of the much-awaited Federal Open Market Committee (FOMC) meeting this week.
A large crypto investor, or whale, made nearly $10 million profit after closing a 40x leverage short position for 6,210 Bitcoin (BTC) — worth over $516 million — which functions as a de facto bet on Bitcoin’s price fall.
Leveraged positions use borrowed money to increase the size of an investment, which can boost the size of both gains and losses, making leveraged trading riskier compared to regular investment positions.
Bitcoin whale closed shirt positions. Source: Hypurrscan
The savvy whale closed all his short positions within a few hours, making a $9.46 million profit from Bitcoin’s decline, Hypurrscan data