Inside Information or Pure Gambling: This Trader Bets Millions on Bitcoin (BTC)

The primary cryptocurrency has plunged from its local high of almost $82,000 set earlier this month, while some analysts think a deeper decline may follow.

Despite the risks, one mysterious trader opened an extremely risky position, fueling speculation that they might know something we don’t.

Huge Success so Far The analytics platform Lookonchain revealed that several hours ago, a trader known as 0x396d opened a 40x long position on 911.55 BTC ($70.08 million).

The market participant will be liquidated if the asset’s price drops to $76,308 (unless they add extra collateral). Currently, BTC trades around $76,800 (per CoinGecko), very close to the danger zone.