Bitcoin ‘OG’ Whale Shorts $438M as BTC Dips Below $120K
A veteran Bitcoin trader, often referred to as an “OG,” has taken a major bearish position on BTC amid recent market volatility.
The whale placed a leveraged short of 3,600 BTC, valued at approximately $438 million, on the decentralized exchange Hyperliquid overnight as Bitcoin briefly fell below $120,000, according to blockchain analytics firm LookOnChain. The short carries a liquidation price of $139,900, the point at which margin calls could force it to close.
“OG” denotes an early adopter or long-term holder in the Bitcoin market. Earlier this week, the trader sold 3,000 BTC in the spot market, and about a month ago, offloaded 35,991 BTC to diversify into Ether (ETH), the second-largest cryptocurrency by market capitalization.
Bitcoin has since rebounded slightly to $121,700, according to CoinDesk. Despite the whale’s bearish move, broader market sentiment remains positive, with annualized perpetual funding rates near 5%, signaling continued optimism in BTC futures.
