A BTC Short Seller Places a $28.3 Million Order, Planning to Exit at a 2% Pullback in Price

BlockBeats News, September 1st, according to TradingBeats monitoring, a certain BTC main short opened 100 "reduce-only" buy orders today at 6:30 AM (UTC) in the price range of $76,700 to $76,800, planning to cover 369 BTC with a notional value of approximately $28.325 million, replenishing the entire existing short position.

As of the time of writing, the address is short 369.058 BTC with 5x leverage, with a position value of around $28.949 million and an entry price of $73,863.9. BTC is currently trading at $78,444, resulting in a unrealized loss of about $1.688 million for the short position, with a ROI of approximately -31%.

The weighted average price of the above-mentioned reduction order is around $76,750. BTC would need to drop approximately 2.2% from its current price to enter the execution range. If all orders are filled, the address would still incur a loss of about $1.065 million, but the unrealized loss may narrow by around $623,000.

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