The big shorts. A major player in the crypto market, often associated with the address $0xb317, recently relaunched a short sale position (short) massive on Bitcoin (BTC). This movement, involving tens of millions of dollars, is closely watched because of its scale and the historical controversy surrounding its alleged operator. Will the market follow like last week?
The key points of this article:A major player in the crypto market has relaunched a massive short position in Bitcoin, involving tens of millions of dollars.
The market is observing this new maneuver with concern, linked to past accusations of insider trading.
A new bet at 700 BTC, or $76 million
The position represents a bold bet against future increase of bitcoin which concerns approximately 700 BTCvalued at nearly 76 millions USD based on an entry price estimated at 109 133 USD per BTC. The most striking technical detail is the price of liquidation cited, established at 150 080 USD. For a position shortthis is the level where an increase in the market would lead to its closing forced. A liquidation so far from the entry price (more than 37% margin) indicates the use of a lever very weak (a priori 10x) as well as a massive contribution of guarantees (collateral). The operator has therefore positioned itself to absorb a significant volatility before risking losing your stake.
The cryptosphere is observing this new big short on the market with concern – Source: Compte
The specter of last week hovers over the crypto market
The operator behind the address 0xb317 is always at the center of a controversial major. This portfolio is directly or indirectly linked to Garrett Jinthe former CEO of the exchange BitForex. We remember that this connexion raised serious concerns last week accusations of insider trading. The operator had orchestrated a massive short sale of Bitcoin (valued at the time at more than $700 million) less than an hour before Donald Trump announced punitive tariffs against China. While Garrett Jin acknowledges a link with the wallet, he denies everything insider tradingfirst claiming that the funds came from a clientbut above all that the transaction was based on a macroeconomic analysis anticipating the escalation of Sino-American trade tensions. The reiteration of this type of short massif on decentralized platforms continues to fuel the conviction, for some, of a privileged knowledge upcoming political events. The reactivation of this 76 million USD short by the operator associated with the Jin/BitForex affair triggered a form of tension on the market. The question of whether he was lucky or well-informed the first time remains unanswered, so we fear he might be right a second time. And to see the market in the red again last night.