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I just noticed interesting activity on the chain — one of the whales clearly doesn't believe in a rally. The guy added another 23 BTC to a short position when Bitcoin touched $70,000. His total short volume is now $3.12 million, with 40x leverage, and an average entry price of $69,556.
The whale is clearly betting on a pullback — he has take-profit levels between $69,200 and $69,450, meaning he expects a decline. Interestingly, the liquidation level for this whale's position is set at $70,637, quite close to the current levels. The position is very fresh, opened just a few hours ago.
Looking at what's happening — the whale is clearly preparing for a correction after breaking the $70,000 mark. If Bitcoin continues to rise above the liquidation price, this whale will be in serious trouble. Currently, the position is at a 16% loss, but for a whale with such leverage, this can change quickly.