Bitcoin ‘OG’ Whale Bets $438M on BTC Downside as Price Dips
A long-standing Bitcoin trader, often referred to as an “OG,” has placed a massive bearish wager on BTC amid recent market volatility.
The whale initiated a leveraged short of 3,600 BTC, valued at around $438 million, on the decentralized exchange Hyperliquid overnight as Bitcoin briefly fell below $120,000, according to blockchain analytics firm LookOnChain. The short carries a liquidation price of $139,900, where margin calls could force the position to close.
The term “OG” denotes early Bitcoin adopters or long-term holders. Earlier this week, the trader sold 3,000 BTC in the spot market and, a month ago, offloaded 35,991 BTC to diversify into Ether (ETH), the second-largest cryptocurrency by market capitalization.
Bitcoin has since rebounded slightly to $121,700, per CoinDesk data. Despite the whale’s bearish move, market sentiment remains broadly positive, with annualized perpetual funding rates around 5%, indicating continued optimism among BTC futures traders.
