A cryptocurrency trader identified as ‘kyoyo’ has initiated a substantial short position on Bitcoin, valued at approximately $134 million.
The position involves 1,240 BTC and utilizes 40x leverage, representing a high-risk, high-reward strategy. The entry price for the short is reported to be $108,762 per Bitcoin.
Market analysts note that the position faces liquidation if the Bitcoin price rises to $116,490. Such large, highly leveraged positions are closely monitored by market participants due to their potential to influence short-term price movements and overall market volatility.
The size and leverage of this trade highlight the significant risk appetite of some large traders and underscore the potential for outsized moves in Bitcoin’s price driven by derivative market activity.