A trader tracked on-chain as Gambler 0xff84 has built the largest identified Bitcoin short position on-chain, adding to a bet against the asset that now totals 2,000 BTC worth roughly $125.37 million. The position is sitting on an unrealized profit of $1.79 million, with a liquidation price of $63,528.92 — a level Bitcoin has already traded through in recent sessions.
The short has grown more profitable as Bitcoin weakened. The asset fell about 2% from $63,895 to an intraday low of $62,667, breaking the psychological $63,000 level and trading just above the lower daily Bollinger Band near $62,507. Spot selling, weak derivatives demand and the sheer size of this trader's short position all contributed to pushing price through that level, part of a broader deleveraging wave that saw roughly $236 million in cross-crypto liquidations over 24 hours.
Not Every Whale Is Betting the Same Way
The bearish positioning isn't universal. A separate whale wallet, 19pFLW, added another 300 BTC worth $19.03 million to its holdings, bringing its total position to 1,120 BTC — worth roughly $70.43 million — at an average purchase price of $69,294. That wallet's continued accumulation, even as price slid toward $62,600, suggests at least some large holders are treating the dip as a buying opportunity rather than confirmation of further downside — a posture that echoes how institutional funds like Edelman and Tudor Investment have kept adding to their own Bitcoin ETF positions through recent volatility.
Related: ASTER Whale Piles Into $4.3M Leveraged Long, Locks $2.4M in 4-Year Stake
A Market Split Between Conviction and Caution
The contrast between these two positions — one of the largest identified short bets on-chain growing more profitable by the day, and a long-term accumulator adding to its stack at the same time — captures how divided sentiment has become around Bitcoin's near-term direction. On-chain data from Hypurrscan's tracker for the short position shows the trade remains open and well clear of its liquidation price for now, meaning both bets stay live heading into the next stretch of trading.
