Whale closes $516M 40x Bitcoin short, pockets $9.4M profit in 8 days
The Bitcoin whale closed his short position shortly after a lower-than-expected CPI reading flashed an optimistic Bitcoin signal, due to easing monetary inflation concerns.
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.
