Whale Reopens $235M 10x BTC Short at $111K Amid $7B Unrealized Losses
A major Bitcoin whale has reopened a $235 million 10x leveraged short between $111,000 and $111,500, after netting over $200 million in profits from last week’s crash to $100,000. On-chain data shows large holders face nearly $7 billion in unrealized losses as Bitcoin trades below its $113,000 average cost.
A second whale boosted bearish exposure to 2,100 BTC, holding $5.8 million in paper gains. Negative funding rates, rising volatility and forced liquidations indicate continued bearish sentiment. Technical charts highlight resistance at $112,000 and support near $108,000 and $104,000 (200-day MA). Traders should monitor liquidation clusters around these levels for potential sharp intraday swings.
Bearish
The reopening of a $235 million 10x leveraged short by a major Bitcoin whale, alongside growing bearish exposure from other whales and nearly $7 billion in unrealized losses, underscores a prevailing negative market sentiment. Negative funding rates, rising volatility and forced liquidations signal further downside risk in the short term. Technical resistance at $112,000 may cap any rebound, while support levels at $108,000 and $104,000 warrant close monitoring for liquidation-driven moves. This combination of factors suggests sustained bearish pressure on Bitcoin’s price outlook.