Bitcoin Whale Liquidates $83 Million Position While Shorting 2,284 BTC: Insights on Market Moves

On March 3rd, COINOTAG News reported a significant move in the crypto market as a major player, known as Contract Whale, executed a strategic liquidation of its long Bitcoin position. The liquidation occurred at a price of $83,563.92, netting a profit of $15.39 million. In a bold maneuver, this entity subsequently shorted 2,284 BTC at an average price of $93,729, bringing the total position value to approximately $214 million. With a margin utilized of $53.45 million, the position currently reflects a floating profit of $2.06 million. Market analysts are closely monitoring the situation, as the estimated liquidation price for this strategy sits at $112,137.67, highlighting the volatile nature of Bitcoin trading.