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In a surprising move that bewildered the markets, the price of Bitcoin (BTC) surged on June 20 after a massive leveraged buy order worth $255 million was executed by an unknown entity, causing short positions to be liquidated and driving the price up to around $106,500.

According to data from Cointelegraph Markets Pro and TradingView, the price of Bitcoin recorded a 1.7% increase during the day, surpassing nearby resistance levels after breaking out of the narrow price range it had been in for several days, which analysts considered a potential beginning of a real price breakout. According to the CoinGlass platform, a large number of short positions were liquidated in conjunction with a liquidity reshuffle at higher levels, indicating intensifying competition between buying and selling forces.

Although the identity of the trader who opened the position using 20x leverage has not been disclosed, the enormous size of the trade brought to mind similar moves by major traders or “whales” who have played a significant role in recent market volatility, such as James Wynn from the Hyperliquid platform.

Traders are now waiting to see if this move will pave the way for a real breakout of the current price range, or if it is merely a temporary reversal of speculative activity.