The $10 billion Hyperunit Whale, known for massive Bitcoin (BTC) trades, has begun to close their short positions after days of heavy bearish activity.
According to new data from Arkham Intelligence, the trader has closed out around $15 million worth of shorts, which has brought their open positions down to $478 million.
This was shortly after the whale earlier this week had expanded their shorts to $485 million, and earned roughly $22 million in unrealized profits.
According to on-chain data, the wallet linked to the whale with the tag “0xb317”, still holds $5.5 billions in crypto assets. The whale, who is now called “Trump Insider Whale” by online traders, has become a key talking point after earning nearly $200 million shorting Bitcoin during last week’s crash.
Institutional Moves Added to the Price Drop
At the same time, this also aligns with large Bitcoin deposits by BlackRock into Coinbase Prime that suggest that institutions may be fueling bearish sentiment. According to Lookonchain, BlackRock made a transfer of 704 BTC worth about $77.67 million, alongside 93,158 ETH worth $364 million, to Coinbase Prime.
This comes as Bitcoin’s price fell over 2% in the past 24 hours and currently trades for $114k, according to CoinMarketCap.
In addition to that, futures trading volume has jumped by 3.19% to $129.48 billion, while open interest dropped by 0.94% to $74.26 billion, according to Coinglass. This in short, suggests that the market is under pressure, with traders closing positions amid high volatility.
Also Read: Circle Freezes Four EVM Addresses Linked to Coinbase Theft
