On October 20, 2025, news came from the on-chain monitoring platform Onchain Lens that an 'ancient whale' in the Bitcoin circle couldn't sit still. They quietly increased their short position with 200 BTC at a 10x leverage, which is approximately worth 22.1 million dollars at market price. After this increase, the total amount of short positions held by this whale reached 900 BTC, and the total value of the position was about to hit the 100 million dollar threshold, while currently facing an unrealized loss of 1.1 million dollars. From more detailed on-chain data, it can be seen that the entry price for this short position was 109,521 dollars. If the Bitcoin price rises to 141,072 dollars, the short position will be forcibly liquidated due to excessive losses.

In the crypto market, the actions of the 'ancient whale' have always stirred market sentiment. This time, using a significant short position with 10x leverage indicates that the whale believes the Bitcoin price might drop in the short term, while also putting high risk on the table; 10x leverage amplifies both profits and losses several times. The liquidation price of 141,072 dollars serves as a crucial point in this game; if the Bitcoin price really reaches this level, when the shorts are forcibly liquidated, the buying pressure from the bulls may push the price up, leading to potential intense market fluctuations.

For the current market, the degree of institutionalization is deepening, and the capital movements of whales have long become an important reference for investors to judge trends. This nearly 100 million dollar leveraged short operation may lead many investors to follow suit in bearish sentiment, while bulls must also be cautious of sudden price corrections. Fortunately, tools like Onchain Lens can real-time display the actions of whales, allowing everyone to see this game clearly and helping institutions and retail investors assess potential risks.

Ultimately, this whale's high-leverage short operation is not only a statement of their bearish outlook on the market but also reflects the characteristics of the crypto market now being 'high-leverage speculation + transparent on-chain data.' Whether the Bitcoin price will hit the liquidation threshold next has become a key point of contention between bulls and bears in the short-term market.