Bitcoin's $68M Whale Long Is $705K in the Red and Still Swimming 🐳

A crypto trader has opened a 20x leveraged long position on 1036 BTC worth $68.1 million, according to on-chain data tracked by Onchain Lens, and is already sitting on an unrealized loss of $705,000 after spending $12,000 on funding fees. The position was opened as Bitcoin pulled back from $67,000 to $65,695, down 1.14% on the day but still up roughly 7% over the past week after holding the $60,000 support level about a week ago. The same wallet had previously realized over $4 million in profit shorting the market during the earlier decline.

The whale is not alone. CoinGlass data shows $9.17 billion flowed into Bitcoin futures over the past 24 hours, adding to $25.7 billion recorded over the prior three days. The aggregate Long/Short Ratio climbed to 1.007, with the ratio on Binance and OKX both sitting above 1 and the top traders' account ratio reaching 1.5. A ratio above 1 indicates that more accounts are net long than short, reflecting a market leaning toward bullish positioning.

Despite the upbeat derivatives setup, Bitcoin's Relative Strength Index (RSI) bounced from oversold territory but remains below 50 at 42, suggesting buyers have returned but have not fully overtaken sellers. A decisive daily close above the long moving average at $66,066 and a flip of the $70,000 level would mark a fuller bullish retake, while failure to hold the short moving average at $65,000 could expose BTC to a slide toward $63,500.