A mysterious Bitcoin old-timer, known in crypto circles as an “OG” whale, has made a splash again. This entity is now betting big that the price of Bitcoin will drop. It has significantly increased a short position against the world’s largest cryptocurrency.
This huge wager against Bitcoin is worth about $438 million. The whale placed this bet using 3,600 BTC. This move came on Thursday night, right after Bitcoin’s price briefly dipped below $120,000. Data from the on-chain analytics firm Lookonchain shows this bold play.
The whale’s chosen liquidation price for this position is set at $139,900. Right now, this bet is not going well. The whale faces an unrealized loss of $3.66 million, showing how quickly crypto markets can shift.
This isn’t the first time this “OG” whale has caught everyone’s eye. Back in August, it made headlines for a massive shift. The whale sold 35,991 Bitcoin. This was worth over $4 billion at the time. In exchange, it bought 886,371 Ethereum tokens. This move suggested a major strategy change for an experienced player.
🐋⚡ Ballena ‘OG’ vuelve a sorprender
Aumenta su posición corta a 3,600 BTC por USD $438 millones
Esta ballena rotó sus tenencias de BTC a ETH en agosto, vendiendo 35,991 BTC por USD $4,000 millones
Actualmente enfrenta una pérdida no realizada de USD $3.66 millones
Su… pic.twitter.com/VofQLJlPpB
— Diario฿itcoin (@Blaze Trends)
Earlier in the week, the whale started its bearish play. Lookonchain reported that the unknown entity sold 3,000 BTC on the spot market. This sale brought in an estimated profit of $363.87 million. Then, it used $80 million in USDC from those profits. It opened a 6x leveraged short position on the Hyperliquid exchange. That initial bet was worth around $419 million. The first liquidation price was $140,660. The latest increase in the short position just doubles down on this negative view.
The Bitcoin OG has increased his short position to 3,600 ($438M) — currently sitting on a $3.66M unrealized loss.
Liquidation price: $139,900https://t.co/01e3RC8jG2 pic.twitter.com/LrUfbzdf0p
— Lookonchain (@Lookonchain)
An “OG” Whale Bets Against Bitcoin
The term “OG” describes a veteran in the crypto world. These individuals have huge amounts of Bitcoin. They likely got involved very early, perhaps between 2009 and 2013, during what’s called the Satoshi Era. This whale has been active for eight years. Their actions are closely watched. They can often sway market feelings.
After the large August swap, the whale kept moving assets. In mid-September, it deposited another 1,176 BTC to Hyperliquid. This was worth $136.2 million at that time.
These moves happen during an interesting time for Bitcoin. The cryptocurrency hit an all-time high above $126,000 on Monday. This was due to strong positive feelings across the crypto space. However, that upward push has since cooled down.
By Friday, Bitcoin’s price had fallen about 3.5% from that peak. It was trading around $121,800. Despite this whale’s bearish bet, the overall market mood remains positive. Annualized perpetual funding rates for Bitcoin are about 5%, according to Velo data. This suggests a good outlook, but not one that is overly optimistic.
This episode stands out against recent bullish trends. In August, the total trading volume for spot and derivatives on centralized exchanges jumped. It rose 7.58% to $9.72 trillion. This was the highest monthly level of the year.
The identity of this “OG” whale remains a secret. Still, the crypto community keeps a close watch on its every move. These actions could signal big changes in how large investors feel. As Bitcoin recovers slightly from its daily lows, this veteran’s bet adds a note of caution to the common positive story.