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BTC Bitcoin has fallen sharply from recent highs, as mysterious traders bet on 40 times leverage sparked speculation.
After hitting a local high of nearly US$82,000 earlier this month, prices of major cryptocurrencies have fallen sharply, and some analysts believe there may be a deeper decline in the future. Despite the risks, an unidentified trader opened an extremely risky long position, sparking speculation that he might have inside information.
Huge success so far
Analytics platform Lookonchain disclosed that a few hours ago, a trader named 0x396d opened a long position with a leverage of 40 times on a BTC/USDT perpetual contract, with a nominal principal of up to 911.55 BTC (approximately US$70.08 million). If the asset price falls to $76,308 (unless it adds additional margin), the market participant will face liquidation. Currently, BTC is trading at about US$76,800 (according to CoinGecko data), very close to danger areas.
Interestingly, this "gambler" has recently made 80 transactions, with a win rate of 92.5%. Naturally, many X users believed that the trader might have inside information to make such an astonishing bet. One of the users said: "Having maintained a 92.5% win rate in 80 transactions, now we have (casually) opened a long position in BTC of US$70 million with 40 times leverage. When will we stop calling him a 'gambler'?"
Real risks
As mentioned above, the recent performance of mainstream digital assets has been quite turbulent, and its downward trend in the short term may be intensified by several key developments. Later today (September 11), the U.S. Bureau of Labor Statistics will release its Consumer Price Index (CPI) report, providing crucial inflation data.
If the results are higher than expected, it could hit risky assets including BTC and altcoins, and could lead to the liquidation of the mystery trader. The Fed is closely monitoring the data to decide how to move forward with interest rate decisions next week. As of now, a 0.25% rate hike seems to be the most likely option: This development could trigger a red wave across the crypto market.
At the same time, many analysts believe that BTC is indeed on the verge of collapse. X user Crypto With Harris described the rise to $82,000 as a "typical bull market trap" and believes that the bottom has not yet arrived. In addition, the X user expects BTC to plummet to $74,000 later today.
Niels also commented, predicting that prices will pull back to the US$74,000 -75,000 range in the next few days, after which "things will get interesting." The X user warned that if BTC loses its $74,000 support level on the weekly chart, the downward trend will accelerate.
