A mysterious whale has grabbed attention by opening a huge $276.47 million long position on Bitcoin

This whale’s wallet, tagged as 0x507..6ebd6, holds more than $43 million across other bets too. Besides Bitcoin, the whale is long on PEPE

A mysterious whale has grabbed attention by opening a huge $276.47 million long position on Bitcoin at 40x leverage on Hyperliquid, a decentralized perpetual exchange.

On-chain data reveals that the trade was initiated at a price point of $103,129.8, with a close liquidation point set at $95,000. This implies that if the cryptocurrency experiences even a slight decline, the entire bet could be quickly liquidated.

The trade, which includes 2,670 BTC, is one of the biggest single bets in the ecosystem right now.

Leverage allows traders to borrow funds to place larger bets. However, with 40x leverage, even a small 2.5% drop in price can wipe out the entire position.

Therefore, this whale is making a substantial gamble by betting heavily on Bitcoin to continue its upward trajectory.

This whale’s wallet, tagged as 0x507..6ebd6, holds more than $43 million across other bets too. Besides Bitcoin, the whale is Long on PEPE for $43.13 million at 10x leverage and XRP for $34.56 million at 20x leverage as well.

Earlier this year, another whale placed a massive $524 million short bet on Bitcoin at 40x leverage.

That bet was set close to $83,898, with liquidation just above $85,565. If BTC price were to spike past that the whole short would be liquidated.

Currently, Bitcoin price trades at about $103,094, down 0.9% over the last day. Trading volume has decreased by 21% to $37.42 billion, and the total market cap stands at $2 trillion, according to CoinMarketCap.