Anonymous streamer known as Crypto Face has placed a $5 million short position on Bitcoin. This trade comes with a liquidation point set at $64,500. Crypto Face, who holds the world record for the most profitable cryptocurrency trade ever live-streamed, has taken a significant risk amidst a bearish market for Bitcoin.
Read CRYPTONEWSLAND onCrypto Face is renowned for his high-stakes trades. He not only boasts the record for the most profitable trade but also for the largest loss ever recorded in a live-streamed trade. His current short position is drawing significant attention, especially given the current market conditions.
Bitcoin has faced substantial selling pressure recently. Several factors contribute to this bearish trend. Notably, Bitcoin miners have been offloading their holdings. Reports indicate that approximately 30,000 BTC, valued at around $1.8 billion, have been sold by miners in the first three weeks of June. This significant sell-off by miners is one of the key factors driving Bitcoin’s price down.
In addition to the actions of miners, Bitcoin exchange-traded funds (ETFs) have experienced notable outflows. Since June 15, nearly $1 billion has been withdrawn from Bitcoin ETFs. These outflows have further exacerbated the downward pressure on Bitcoin’s price.
Furthermore, the German government has been selling its Bitcoin holdings. Over $200 million worth of Bitcoin has been sold, with the government still retaining a substantial amount valued at over $2.8 billion. This additional selling by the German government has added to the market’s downward momentum.
At press time Bitcoin was trading at $60,888.52, with a 24-hour trading volume of $21,805,339,418. The cryptocurrency has seen a 1.03% decline in the last 24 hours. The current market environment suggests a period of volatility and uncertainty for Bitcoin in the short term.
Despite the current bearish trend, many analysts remain optimistic about Bitcoin’s long-term prospects. Predictions suggest that Bitcoin could eventually surpass the $100,000 mark. If this occurs, Crypto Face’s Bitcoin portfolio could see substantial gains. Crypto Face’s daring trade highlights the high-risk, high-reward nature of cryptocurrency trading.
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