Bitcoin OG Whale Places $438 Million Bearish BTC Short Position on Hyperliquid

A veteran Bitcoin trader has initiated a significant bearish position against BTC, shorting 3,600 Bitcoin worth approximately $438 million on decentralized exchange Hyperliquid. According to blockchain analytics firm LookOnChain, this substantial leveraged short occurred as Bitcoin's spot price briefly fell below $120,000 during overnight trading. The position features a liquidation price of $139,900, representing the threshold where the trade would face margin calls and potential forced closure by the exchange. The entity, referred to as an "OG" (Original Gangster), indicates a long-term Bitcoin participant active since the cryptocurrency's early days. This move follows the whale's recent activity of selling 3,000 BTC in spot markets earlier this week and divesting 35,991 BTC to diversify into Ethereum just one month prior. Despite this bearish bet, Bitcoin currently trades at $121,700, showing modest recovery from overnight lows, while overall market sentiment remains bullish with BTC perpetual funding rates around 5% annually according to Velo data.