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A whale on a derivatives platform just added another $20.01K to their BTC short at $104,604.
Their total exposure? A massive $13.69M short position with an average entry around $102,496. That's some serious conviction in a downward move.
The risk threshold sits at $113,817 — if BTC climbs that high, it's liquidation time. With current volatility, that's roughly a 9% buffer before things get messy.
Whether this is genius market timing or an expensive gamble... we'll know soon enough.