Bitcoin whale expands long position to $94M, but BTC remains bearish
The post Bitcoin whale expands long position to $94M, but BTC remains bearish appeared on BitcoinEthereumNews.com. Amid the broader market drawdown, Bitcoin’s bearish streak extended, dropping to a 6-week low of $72,728. At press time, Bitcoin traded at $73,376, down 3.2% on the daily charts, adding to its 5% weekly drop. With the market on its back foot, investors, especially whales on the derivatives, were forced to reposition themselves. Garret Jin adds Bitcoin long to $94 million Despite the sharp market drop, some whales have remained bullish and aggressively bet on a rebound. According to Lookonchain, popular whale Garret Jin entered the market to cover his long position amid liquidation risk. Garret Jin raised his long position to 1268 BTC worth $94.4 million. With the market drop, the whale is down $2.08 million. Garret continued to add to long positions to avoid liquidation amid intense long liquidation. According to CoinGlass data, total longs liquidated jumped to $348 mill