The high-lipid Bitcoin Zilla sparked debate over the weekend after rising to its top $450 million short position.
Over the weekend, traders opened a very leveraged short position in BTC permanent futures, initially valued at over $300 million. The transaction ran at 40x leverage and a liquidation price of $85,290.
At the time of reporting, Hypurscan data shows that traders currently hold a short position of 5,022 BTC, worth around $420 million, with unrealistic profits exceeding $2 million. The liquidation price is currently over $86,000.
Beyond Bitcoin, traders are also maintaining a five-fold leveraged position with 571,714 Melania tokens for US First Lady Melania Trankey and 571,714 Melania tokens at $384,203.
Meanwhile, this is not the first time the trader has attracted attention. Earlier this month, they made headlines after running a 50x leveraged Ethereum position.
The incident prompted the decentralized trading platform to reevaluate its risk management strategies by “maintaining healthier margin requirements and reducing the systematic impact of large positions with virtual market impacts at closing.”
“Huntdown”
The size of the short position caused responses across social media, and Crypto Trader CBB called for a coordinated effort to counter the whale’s position by increasing the price of Bitcoin.
Screenshots shared by CBB suggest that Tron founder Justin San is among those trying to push traders into liquidation.
However, despite the short surge that pushed Bitcoin to over $84,690 over the weekend, the strategy appeared to have failed.
Blokchchain Analysis Platform LookonChain reported that the BTC whales quickly strengthened their position by adding $5 million USDC to the margin.
Hours later, the CBB admitted to the defeat, saying certain attempts had failed, but the broader contest had not finished.
Despite this, Bitcoin’s price has exceeded $84,000, a rise of around 0.8% over the past 24 hours. Encryption data. If BTC continues its upward trajectory, the whale’s position can be lost.
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