- Over $15.6 billion BTC short tradeswill be wiped out if Bitcoin reaches $125,000.
- Several Bitcoin OG holders swapped their BTC long trades to ETH short trades.
- Others BTC traders are hoping to leverage BTC shorts before a new BTC ATH.
Over $15.6 billion BTC short trades will be wiped out if Bitcoin reaches $125,000. The crypto price charts point to a heavy liquidation possibility of the price of BTC were it to hit a new ATH at the $125,000 price range. However, this price isn’t expected at the moment, as several analysts are expecting the price of BTC to fall to 5-digit prices in a bearish red correction next month.
Over $15.6 Billion BTC Short Trades Could Liquidate
According to several reputed crypto analysts, the price of BTC will likely fall below $100,000 and hit bearish targets between $90,000 and $95,000 in the coming month of September. With a heavy correction that could play out, analysts think that BTC price isn’t expected to set a new ATH anytime soon, allowing traders to hedge risks and place short trades instead to leverage and maximize their holdings.
According to the post above, it is clear that if Bitcoin reaches $125,000, over $15.6 billion in shorts are set to be wiped out. Despite this expected outcome, traders and analysts are making the best of the situation to make gains from calculated short trades. With BTC expected to fall below $100,000, short trades offer a strong opportunity for those willing to take the risk.
Bitcoin OG Holders Swap to ETH
While some are switching to BTC short trades , others are moving capital to Ethereum (ETH), the pioneer altcoin asset. One Bitcoin OG has closed all 96,452 ETH worth $433 million long for a profit of $2.6 million, and then bought ETH spot. He has also sold 3,968 BTC worth $437 million and bought 96,531 ETH worth $443 million spot. In total, the trader bought 641,508 ETH worth $2.94 billion over the past week.
Similarly, another long-time Bitcoin OG trader went on to deposited an additional 3,968 BTC worth $437.02 million, to sell it for 96,533 ETH, at a price of $4,588. Meanwhile, as we can see from the post above, 9 whale addresses just bought $450 million worth of Ethereum (ETH). Specifically, 5 of these addresses were received from Bitgo, while the remainder purchased their ETH with Galaxy Digital OTC.
