A Bitcoin whale just shorted $100M BTC — Are big holders expecting a larger drop?

A Bitcoin whale just shorted $100M BTC — Are big holders expecting a larger drop?


A Bitcoin (BTC) whale placed a $100 million short on Bybit, according to the pseudonyms trader CL. It comes after various on-chain data points toward a whale-driven sell-off throughout the past week.

Though the momentum of Bitcoin remains strong, there are many reasons that make $16,000 an attractive area for sellers.

There is significant liquidity at $16,000, primarily because it is a heavy resistance level. But the level has seen relatively high buyer demand, stablecoin inflows show. Hence, the battle between buyers and sellers at $16K makes it an area with high liquidity, which is compelling for sellers.

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Bitcoin orderbook on futures exchanges. Source: CL, Exocharts Increasing signs of whales taking profits

A seller aggressively sold Bitcoin on Bybit on Nov. 15. Order flows show that there were sell orders worth around $3.5 million on average consecutively over several hours.

Based on the abrupt large-scale sell order, CL suggested that this may result in two scenarios.

First, the seller

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