A significant cryptocurrency trader, known as a ‘whale’, executed multiple major position changes on a derivatives exchange, resulting in substantial profits and hinting at potential future market sentiment.
The whale successfully closed previously initiated Bitcoin (BTC) short positions at a price point near $119,425 per coin. This closure locked in an estimated floating profit of approximately $8.5 million, capitalizing on a prior bearish bet.
In a related move, the same large trader also terminated an Ethereum (ETH) short position. This ETH position had been entered at an earlier price around $3,528.85, marking a separate exit from a short trade on the second-largest cryptocurrency.
Despite locking in profits on these positions, the whale swiftly re-entered the market with a renewed bearish stance on Bitcoin. A new BTC short position was opened by the trader at a price of $116,065.2.
These sequential actions—closing profitable shorts on major assets only to quickly re-establish a significant BTC short—are closely monitored for potential indications of the whale’s assessment of near-term market direction.