Traders Boost Nine-Figure Bitcoin Exposure, Putting Market at Risk of Wipeouts

Bitcoin is quietly trading near $115,000, but beneath the surface, leveraged bets are piling up and creating the conditions for a sharp unwinding.

Derivatives data show both bulls and bears extending positions. One trader attempted to load up on a nine-figure long, drawing warnings from market analyst Skew about destabilizing flows. Another, betting $234 million against BTC from $111,386, is already down $7.5 million and has added $10 million in collateral to keep the trade alive, with liquidation now looming at $121,510.

The bigger risk, however, lies on the downside. According to The Kingfisher, a dense cluster of leveraged positions sits between $113,300 and $114,500. If bitcoin dips into that band, it could trigger a wave of forced selling and potentially push the price down toward $110,000 support.

As The Kingfisher described: “It’s a pain map. Price tends to get sucked into those zones to clear out positions.”

After more than two months of subdued price action, traders are watching closely for which way the next big move will break.