Whale Bets $830M On Bitcoin Rally
A large investor has opened a significant position betting on the price of Bitcoin to rise. This investor, identified as James Wynn, initiated a leveraged long position valued at approximately $830 million on the decentralized exchange Hyperliquid.
Records show the position was opened on May 21, involving 7,764 Bitcoin with 40 times leverage at an entry price near $105,033. The price level at which this position would be automatically closed due to losses is reported to be just under $100,330. This trade represents one of the largest long positions ever seen on the platform.
Within 90 minutes of opening the position, the investor reportedly reduced the total exposure to around $430 million. This suggests the investor may have begun taking profits by selling a portion of the position, specifically about 3,688 Bitcoin, valued at approximately $400 million at the time.
Despite this partial reduction, the investor’s positive view on Bitcoin appears strong. The investor reportedly increased the long position again as Bitcoin’s price moved closer to the original entry level.
This significant positive bet on Bitcoin stands in contrast to the sentiment of some other large traders in the market. Observations indicate that several large investors are opening positions betting against Bitcoin (short positions) across different trading platforms. One example cited is a trader who opened a leveraged short position on Hyperliquid, involving 826 Bitcoin valued at over $88 million, with an entry price around $107,192 and a liquidation level at $108,500.
The strong positive view on Bitcoin coincides with recent price movements and market developments. Bitcoin recently reached a price high of $107,000, marking its highest point since the all-time peak in January. This move above the $106,000 level is seen as a significant breakthrough, as this price point had acted as resistance earlier in the year.
Data from a blockchain firm shows that nearly all Bitcoin holders, 99%, are currently holding the asset at a profit based on their purchase price.
Furthermore, US spot Bitcoin exchange-traded funds (ETFs) have experienced substantial inflows of money over the past weeks. Since April, these investment products have attracted total net inflows nearing $7 billion, signaling strong interest from larger financial entities.
Considering these factors, including the positive market sentiment, consistent ETF inflows, and growing institutional adoption, some market observers believe these conditions could help push the price of Bitcoin to reach a new all-time high above the $110,000 mark.
