Bitcoin OG Whale Bets Big Against BTC, Position Exceeds $400M

Bitcoin ‘OG’ Whale Places $438M Short Amid BTC Dip

A veteran Bitcoin trader, known as an “OG” in the crypto community, has placed a major bearish wager on BTC amid recent market volatility.

The whale opened a leveraged short of 3,600 BTC, worth roughly $438 million, on the decentralized exchange Hyperliquid overnight as Bitcoin briefly dipped below $120,000, according to blockchain analytics firm LookOnChain. The position has a liquidation price of $139,900, the level at which margin calls could force it to close.

“OG” refers to early Bitcoin adopters or long-term holders. Earlier this week, the trader sold 3,000 BTC in the spot market and, about a month ago, offloaded 35,991 BTC to diversify into Ether (ETH), the second-largest cryptocurrency by market cap.

Bitcoin has rebounded slightly to $121,700, per CoinDesk data. Despite the whale’s bearish position, market sentiment remains broadly positive, with annualized perpetual funding rates around 5%, reflecting continued optimism in BTC futures markets.