That Whale That Caused Havoc Struck Fear in Bitcoin: It Takes a Huge Short Position! - Coin Newsletter

A giant Chainlink (LINK) whale has sold a large amount of LINK in the past two hours, while Bitcoin has gone into short (BTC).

The cryptocurrency market continues to move with the moves of giant players. Known as "50x ETH," the whale sold a total of 1.34 million LINK at around $13.7 in the last two hours, earning $18.36 million from this sale. However, the whale lost 512 thousand dollars (yüzde 2.7) from this sale.

While making losses on-chain, the whale made a profit of $195K by closing LINK long positions on the decentralized exchange GMX. At the same time, he converted his LINK long positions on the Hyperliquid exchange into BTC shorts, where he used 40x leverage. As of now, the whale's Bitcoin short position stands at $290K in unrealized profit.

The big lock opening on Chainlink was the trigger

The whale's move coincided with Chainlink's large-scale token unlock (kilit açımı) event. The release of a significant amount of LINK tokens to the market with this unlock may have triggered the whale's decision to sell. On the other hand, the fact that the price of Bitcoin has risen by more than 4% to close to $85,000 is seen as one of the strategic reasons behind the whale's opening of a leveraged short position in BTC.