Bitcoin Trader Builds $136M BTC Short as Position Turns Profitable

A crypto trader identified as 0x66f8 has continued adding to a Bitcoin short position, increasing the bet to 2,136 BTC, worth about $136 million, according to blockchain analytics platform Lookonchain. 

The position was opened at an average entry price of $63,851.80, putting the trade in profit as Bitcoin traded below that level at $63,633. The unrealized gain stood at $467,487.

The position faces liquidation at $64,592.30, about $959 above the stated current Bitcoin price. Lookonchain described 0x66f8 as the largest on-chain BTC bear.

Source: Lookonchain