Bitcoin 'OG' Whale Raises Bearish BTC Bet Worth Over $400M

Bitcoin's (BTC) price swoon is marked by a veteran trader placing a bearish bet worth millions of dollars. A bitcoin “OG” placed a leveraged short of 3,600 BTC, valued at $438 million, on the decentralized exchange Hyperliquid during overnight trading, as BTC’s spot price briefly dipped below $120,000, according to blockchain analyst ￰0￱ liquidation price for the short trade is $139,900. In other words, this is the level at which the position will encounter a margin shortage and risk being forcibly closed by the ￰1￱ term "OG" (Original Gangster) refers to an entity involved in the bitcoin market since its early days, often regarded as a long-term holder.

Notably, this OG sold 3,000 BTC in the spot market earlier this week. A month ago, the entity also sold 35,991 BTC to diversify into ether, the second-largest cryptocurrency by market ￰2￱ changed hands at $121,700, showing a slight recovery from overnight lows, according to CoinDesk ￰3￱ the OG whale shorted BTC, the overall market sentiment remains bullish, as reflected by positive funding rates sourced from ￰4￱ the time of writing, the annualized perpetual funding rates for BTC were around 5%, indicating a bullish bias but nothing unusual.