Whale closes $516M 40x Bitcoin short, pockets $9.4M profit in 8 days 🐋
A Bitcoin whale has made headlines by closing a $516 million short position and pocketing a $9.4 million profit in just 8 days. This move came ahead of the Federal Open Market Committee (FOMC) meeting, signifying a bet on Bitcoin's price decline.
However, the whale's gains were not without risk, as they used 40x leverage, increasing both potential profits and losses. The initial position was $368 million, with the whale adding an extra $5 million to the short position.
After securing his profits, the whale reinvested by purchasing Ethereum, acquiring over 3,200 ETH.
Meanwhile, easing inflation concerns and upcoming FOMC decisions may influence Bitcoin's price trajectory, as analysts weigh in on market impacts.
Source: cointelegraph.com ↗
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