Short-Selling Whales Battle Bitcoin's Rise: Significant Losses Experienced!

Bitcoin's (BTC) surge above $118,000 has caused major investors who opened short positions to incur heavy losses amounting to millions of dollars.

Crypto analysis platform Lookonchain reported that some investors who opened large short positions due to the rapid rise in Bitcoin's price have suffered serious losses in recent days. As the BTC price continues to rise, some whales known for their massive positions in the market have had to add extra capital to maintain their positions.

According to Lookonchain's data, an address named "0x5D2F" has incurred over $10 million in losses on a short position worth $132.65 million (1,135 BTC). The whale deposited an additional 5.5 million USDC on the Hyperliquid platform to avoid liquidation. The new liquidation price has been updated to $121,080.

Additionally, another address named "0x89Da" transferred 12 million USDC from the Bybit exchange to the Hyperliquid platform, opening a 20x leveraged short position worth 1,021 BTC ($120.3 million). Although the status of this position is still unknown, given the upward trend in BTC prices, the risk is reported to be high.

Shock for famous investor Wynn!

James Wynn, a well-known investor in the crypto community, lost $27,921.63 within 12 hours due to the aggressively opened short position. Wynn had recently deposited 27,522 USDC on the Hyperliquid platform and added a reference reward of $3,960.84, totaling approximately $31,000 in savings to open a short position of $1.27 million with 40x leverage.