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Yesterday I saw a very interesting movement: a major holder (pension-usdt.eth) made a complete turnaround in Bitcoin. They closed all their long position when BTC hit $66,200, and then started shorting Bitcoin when the price rose to $69,134.
Now the crowd is monitoring this position. The person has 410 BTC in short with 3x leverage, which amounts to about $28.44 million in position value. The entry price was $69,334, and the liquidation price is at $147,679. Basically, they are betting that Bitcoin will go down from here.
The most curious thing is that they keep increasing this Bitcoin short position as time passes. This suggests that the person is quite confident in this bearish bet, or at least sees signals that convince them to keep their foot on the gas. With 3x leverage, any sharp upward movement can be dangerous, but it seems they are still believing in the opposite direction.