The whale who made heads turn with their overleveraged short bet on Bitcoin BTC/USD has now opened a position worth $517 million, its highest ever.

What Happened: The investor placed its largest short ever on Bitcoin, amounting to 6,211 BTC, worth nearly $517 million, according to on-chain tracker Spot On Chain.

The position was opened at an entry price of $83,898 on decentralized perpetual trading platform Hyperliquid, and the trader was sitting on an unrealized profit of $5.95 million as of this writing. Should Bitcoin hit $85,557, which is just 2.9% away from the current price, the entire position will be wiped out.

The high-risk strategy attracted reactions from the…

Read more on Benzinga