Four large traders that on-chain analytics firm Lookonchain has been tracking have kept adding to their Bitcoin short positions, now holding a combined 5,375 BTC — about $343 million — in bearish bets. Their liquidation prices sit in a tight band: $64,101.12, $64,576.56, $66,006.80 and $66,030.04.
That clustering matters as much as the position size. With four separate large shorts set to liquidate within roughly $2,000 of each other, the zone between $64,000 and $66,000 has effectively become a pressure point — a range where a sharp move higher could force some or all of these positions to close at once, adding buying pressure on top of whatever is already driving the rally.
A broader pattern of leveraged bearish bets
These four traders aren't isolated in their conviction. Separate on-chain tracking around the same period showed another large short opened at 40x leverage on Hyperliquid, sized above $100 million, with a liquidation price near $64,900 — just inside the same danger zone. Taken together, the positioning suggests a meaningful cluster of leveraged capital is now betting that Bitcoin fails to reclaim the mid-$60,000s, rather than a single outsized wager from one aggressive trader.
Why the liquidation band matters
Traders watch clusters like this because they cut both ways: if Bitcoin holds below the band, the shorts stay intact and continue to weigh on sentiment; if it breaks through, forced buying from liquidations can accelerate a move that might otherwise have stalled. Live liquidation-level tools such as CoinGlass track these clusters in real time, giving traders a rough map of where cascades are most likely to start.
Related: Metaplanet, Hut 8 Shift $278M in Bitcoin as Institutional Selling Persists
The buildup in leveraged shorts is unfolding against the same backdrop of institutional caution visible elsewhere in the market — large BTC holders shuffling treasury positions and a Coinbase Premium Index that has stayed negative for months. Whether that caution proves justified likely hinges on which side of the $64,000–$66,000 band Bitcoin ultimately settles on.
