Whale Faces $1.71 Million Loss as Bitcoin Price Rises: BTC Short Position Deepens with New USDC Investment

On May 20th, COINOTAG reported significant activity on the cryptocurrency front, particularly concerning a notable address that has taken a short position on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) using 10x leverage. Current data from lookonchain indicates that this whale is grappling with an unrealized loss exceeding $1.71 million on BTC alone.

In a strategic move, the whale recently injected an additional 4 million USDC into the Hyperliquid platform. This infusion aims to bolster their existing short position on BTC, effectively increasing the average entry price while simultaneously mitigating potential liquidation risks. This maneuver highlights the intricate balancing act traders must perform in the ever-evolving crypto market.