$11B Bitcoin whale bets on BTC, ETH correction with $900M shorts
In one of their first moves in two months, the Bitcoin whale returned to short Bitcoin and Ether for hundreds of millions of dollars, betting on their short-term price decline.
A large cryptocurrency investor who surfaced two months ago with about $11 billion worth of Bitcoin has opened almost $900 million in short positions against Bitcoin and Ether, signaling expectations of a market correction despite widespread optimism for October.
The whale returned to trading on Thursday with a $360 million Bitcoin (BTC) transfer that piqued the interest of cryptocurrency investors, Cointelegraph reported.
On Friday, the whale opened a $600 million 8x leveraged short position on Bitcoin and a leveraged short worth over $300 million on Ether (ETH), according to blockchain data platform Onchain Lens.