Veteran Bitcoin Whale Takes $400M Short Position on BTC

Bitcoin ‘OG’ Whale Takes $438M Short as BTC Dips Below $120K

A veteran Bitcoin trader, known in the crypto community as an “OG,” has placed a major bearish bet on BTC during recent price swings.

The whale opened a leveraged short of 3,600 BTC, valued at roughly $438 million, on the decentralized exchange Hyperliquid overnight, as Bitcoin briefly fell below $120,000, according to blockchain analytics firm LookOnChain. The position carries a liquidation price of $139,900, the level at which margin calls could force the trade to close.

The term “OG” refers to early Bitcoin adopters or long-term holders. This trader also sold 3,000 BTC in the spot market earlier this week and previously offloaded 35,991 BTC about a month ago to diversify into Ether (ETH), the second-largest cryptocurrency by market cap.

Bitcoin has since recovered slightly to $121,700, according to CoinDesk. Despite the whale’s bearish move, broader market sentiment remains bullish, with annualized perpetual funding rates around 5%, reflecting steady optimism among BTC futures traders.