Whales Open $148 Million in Leveraged Longs as Bitcoin Reclaims $64K After Strategy's 3,588 BTC Sale
Three whale wallets opened nearly $149 million in leveraged bitcoin and ether longs as BTC climbed back above $64,000, onchain tracker Lookonchain reported, just a day after Strategy disclosed its $216. . .
Three whale wallets opened nearly $149 million in leveraged bitcoin and ether longs as BTC climbed back above $64,000, onchain tracker Lookonchain reported, just a day after Strategy disclosed its $216 million sale. Key TakeawaysLookonchain tracked 3 whales opening $148. 7M in longs, including a 40x position on 1,000 BTC worth $63. 8M. Bitcoin rebounded to $64,312 earlier today after falling to $61,246 on Strategy’s $216 million sale disclosure. Bernstein said BTC’s 54% drawdown remains far milder than the 75%-90% declines of past cycle bottoms. Big Money Leans Long Into the FearWhile much of the market was still digesting thefirst major bitcoin sale by Strategy Inc. (Nasdaq: MSTR), a handful of deep-pocketed traders were positioning for a bounce. Onchain analytics firm Lookonchain flagged the activity on Tuesday,writing:“Despite Strategy sellingBTC,whalesstill seembullishon the market. ”The firm identified three wallets making outsized bets. A wallet tagged 0x15a4 opened a 40x leveraged long on 1,000BTCworth $63. 8 million. A second address, 0x7fba, went 10x long on 30,627 ether (ETH) valued at $54. 9 million, while a third, 0xe069, opened a 20x long on 470. 4BTCworth $30 million. Together, the three positions total roughly $148. 7 million in notional exposure. Thewhales’ timing tracksbitcoin’s rebound as thecryptocurrencyslid to a Mondaylow of $61,246after Strategy disclosed it had sold3,588 BTCfor roughly $216 million to fund preferred dividends and rebuild its cash reserves to $2. 55 billion. By early Tuesday,bitcoinhad pumped to $64,390, recovering the entire dip in less than a day. The episode challenged one of the market’s long-standing fears, that the first meaningful sale by the largest corporate holder would trigger a cascade. Instead, the market absorbed the coins quickly. Grayscale Research argued the sale may actuallyreduce financing riskand support price stability, since it rebuilt Strategy’s dollar reserves to cover about 17 months of dividend payments. Other buyers stepped in too, with Bitminecontinuing to buildan $11. 1 billioncryptotreasury, revealing the extent to which corporate demand has broadened beyond a single firm. Wall Street Sees a Milder BearBernstein analyst Gautam Chhugani noted thatbitcoin’s roughly 54% decline from its October 2025 high near $125,000 remains far smaller than the 75% to 90% drawdowns often seen near the end of previous cycles, and the Wall Street research firm maintained a constructive long-term view. Image source: XThat reading postures the current market as painful but not historically extreme. Bitcointraded around $64,000 on Tuesday, roughly half its peak, yet still well above the levels where priorbear marketsbottomed relative to their highs. For leveraged longs opened near $60,000 support, it now appears as though the worst of the forced selling (be it Strategy’s disposal or the recent exchange-traded fund (ETF) outflows) has already been priced in. Even then, highly leveraged positions near a contested support level can accelerate a decline if they unwind, turningbullishconviction into forced selling. Therefore, if thewhalesare right, their nine-figure bets mark the start of a durable bottom, but on the flip side, the sameleveragethat expresses their confidence could make the next leg down faster. Only time will tell.