Key points:
Bitcoin seeks to exit its narrow trading range to the upside as short positions get liquidated.
An unknown whale entity reveals a giant leveraged long BTC position, with the market reacting immediately.
Such moves have been seen on multiple occasions in May and June.
Bitcoin (BTC) took out ask liquidity on June 20 as an unknown trader took out a giant leveraged long BTC position.
$255 million long puts Bitcoin whale in spotlight
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD slicing through nearby resistance to hit $106,500, up 1.7% on the day.
The move sparked short liquidations — something that commentators had already expected while BTC/USD ranged the day prior.
Monitoring resource CoinGlass showed liquidity being replenished higher up exchange order books.
Now, attention focused on the sustainability of the uptick. As traders began to note, an unknown entity had suddenly gone long BTC with a $255 million position and 20X leverage.
SOMEONE JUST WENT ALL-IN ON $BTC 👀
$255,000,000 LONG
20x leverage at $104K
HE KNOWS SOMETHING! pic.twitter.com/BL88Mh1Cc0
— Merlijn The Trader (@MerlijnTrader) June 20, 2025
🐋 BREAKING: A Whale has just opened $241 million $BTC long position with 20x leverage. pic.twitter.com/6WcikRQySD
— Mr. WHALE (@MrWhaleREAL) June 20, 2025
While their motives remained unknown, similar whale trades influenced market trajectory considerably in recent weeks.
One trader in particular, Hyperliquid’s James Wynn, made headlines on several occasions with large leveraged positions, many of which were closed at a significant loss.
BTC price seeks definitive range breakout
A break from the narrow current trading range was meanwhile the missing ingredient in order for traders to decide to add or reduce exposure.
“There are a lot of positions that have been built up on both sides in this range and it's clear where the liquidity lies,” popular trader Daan Crypto Trades wrote in part of an X post on the day.
“Currently in no place to take a trade on this but I will be looking out for a range high or low sweep and monitor the reaction from that point. Higher timeframe $100K & $110K remain key for June.”
Fellow trader Crypto Tony reiterated that $104,500 needed to hold into the weekly close to secure the short-term bull case.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
