A trader who attracted attention for successfully shorting Bitcoin (CRYPTO: BTC) just before the recent crash added to their position even as the market rebounded on Sunday.
Investor Doubles Down On Bearish Position
The investor opened the position at $117,369 and was sitting on an unrealized profit of $3.70 million as of this writing, according to decentralized perpetual exchange Hyperliquid. The trader took a 10x leverage bet to boost the position's value to over $163 million.
If Bitcoin reaches $123,510, which is 7.59% away from its current price, the trader will be liquidated.
Interestingly, the bet was taken despite the market’s sharp rebound, with Bitcoin regaining $115,000 on Sunday.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
Signs Of Insider Trading?
The whale grabbed headlines after opening multi-million dollar short positions on BTC and Ethereum (CRYPTO: ETH) right before President Donald Trump threatened to impose 100% tariffs on China.
The cryptocurrency market tumbled in response and the trader subsequently closed most of their short positions, netting a profit of $160 million.
Reacting to the development, capital markets commentator The Kobeissi Letter said, "Did Someone Know?"
This is not the first time that suspicions of insider trading have been raised in relation to Trump’s posts.
Earlier in March, a trader opened a 50x leveraged bet on Bitcoin and Ethereum shortly before Trump announced a cryptocurrency reserve, turning an investment of $4 million into a $200 million position.
Price Action: At the time of writing, BTC was exchanging hands at $114,716.93, up 2.59% in the last 24 hours, according to data from Benzinga Pro.
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Photo Courtesy: Yalcin Sonat On Shutterstock.com
