The whale is short selling BTC with 40x leverage, currently down 230,000 USD.

A large fish has attracted attention in the market with a massive short position on Bitcoin. According to tracking data from Coinbob, this trader has established one of the largest on-chain derivative positions in recent weeks.

Huge Position Worth Over $34 Million

The “Opponent Strategy” wallet address (0x94d) has built a short BTC position with 40x leverage. Starting the trade that morning when BTC was around $65,270, this fish continued to expand the position throughout the day. Currently, the total holdings exceed $34.3 million, with a liquidation level at $84,200.

Market data today shows BTC has risen to $70,320, resulting in an unrealized loss of about $230,000 on this position, or -27%. The liquidation level at $84,200 means that if the price continues to rise slightly, this fish could face the risk of losing the entire position.

Contrasting Trading Strategy with MicroStrategy

This fish also owns the second-largest on-chain short position in DASH. The DASH position has recently halved in volume but still shows an unrealized profit of $4.1 million (581%) at an average price of $71.3. Notably, while MicroStrategy (MSTR) has been continuously buying Bitcoin in large volumes in December, this trader chose the opposite route—selling off major coins at a discount.

This trader’s pattern is known for favoring large short positions, especially during volatile market phases. They prefer trend-following trading—buying when prices rise and selling when prices fall—to generate profits through multiple small trades.

Liquidation Risks and Market Volatility

With the liquidation level only about $13,900 away from the current price, this position is very sensitive. Any sharp increase in BTC’s price could trigger continuous liquidations or larger losses. This trader’s short strategy is being closely tested by the market, and the final outcome will depend on Bitcoin’s price movement in the coming weeks.