Whale goes full torpedo: 40x short on 493 $BTC as bears reclaim the decks 🐳

A single trader opened a 40x leveraged short position on 493 $BTC valued at $31 million as Bitcoin closed at lower lows for two consecutive days, the first such streak in ten days, according to on-chain tracker Onchain Lens. At press time, $BTC traded at $62,714, down 1.04% on the daily charts. The short has already produced roughly $220,000 in profit for the whale, offset by about $2,000 in funding fees, per the same data.

The positioning is not isolated. After briefly spiking above 1 across all exchanges, the Long/Short Ratio fell back to 0.97 as of writing, indicating that more traders opened short positions than longs over the past 24 hours. CoinGlass data shows derivatives volume fell 29% and options volume fell 32% over the same period, a pullback that points to reduced speculative activity and weaker market participation as participants adopted a wait-and-see approach.

Technical indicators have so far failed to flip the script. The MACD has crossed above the signal line but remained in negative territory at the time of writing, while the positive DMI index sat below both the ADX and the -DI line, a configuration consistent with a weak prevailing trend. With $BTC slipping back below the $63,000 handle after rejection near recent highs, the technical setup continues to favor further downside.

Market participants have flagged $60,000 as the next downside reference if selling pressure persists, while a reclaim of $64,000 would be required to invalidate the current bearish structure and force a squeeze on short positions.