Whales Long Bitcoin With 40x Leverage as Strategy Dumps $216M BTC

Large crypto traders are maintaining bullish leveraged positions on Bitcoin and Ethereum despite selling pressure from Michael Saylor’s Strategy.

On X, blockchain analytics platform Lookonchain highlighted several high-leverage positions opened by whale wallets. The activity comes as Strategy continues reducing its Bitcoin holdings and BlackRock’s spot Bitcoin ETF records sustained outflows.

Whales Double Down on Bitcoin and Ethereum

Data from Hyperliquid explorer Hypurrscan confirms that several whale wallets recently opened aggressive leveraged long positions on Bitcoin and Ethereum.

One wallet, identified as 0x15a4, opened a 40x leveraged long on 1,000 BTC worth about $63.8 million. Another wallet, 0x7fba, opened a 10x leveraged long on 30,627 ETH valued at roughly $54.9 million. A third wallet, 0xe069, established a 20x leveraged long on 470.4 BTC worth around $30 million.

The positions suggest that some whale traders remain confident Bitcoin and Ethereum could move higher despite institutional selling pressure.

Strategy Sells Another 3,588 BTC

The whale activity comes as Michael Saylor’s Strategy continues trimming its Bitcoin holdings. Specifically, Strategy sold 3,588 BTC worth about $216 million last week.

The sale followed the disposal of 1,363 BTC on June 30 for approximately $80.77 million at an average price of $59,256. The latest transaction included the sale of 2,225 BTC on July 7 at an average price of $60,773, worth around $135.22 million.

Based on Strategy’s average Bitcoin purchase price of $75,651, the latest sale resulted in a realized loss of more than $55 million. Despite the sale, Strategy still holds 843,775 BTC worth more than $53.44 billion, with an unrealized loss of $10.40 billion.

Trader Returns, Quickly Falls Into the Red

Lookonchain also highlighted the return of trader 0x15a4 after three months of inactivity. The trader opened a 40x leveraged long on 500 BTC worth roughly $31 million on Hyperliquid. Shortly afterward, Strategy announced its latest Bitcoin sale, helping push BTC lower.

As a result, the trader’s position showed an unrealized loss of about $463,000.

Bitmine Adds ETH as BlackRock Sees More Bitcoin Outflows

While Strategy has been reducing its Bitcoin exposure, Bitmine, chaired by Tom Lee, has continued accumulating Ethereum.

According to the company’s latest announcement, Bitmine purchased another 42,197 ETH worth about $74 million over the past week. This increased its total holdings to 5,742,237 ETH, valued at roughly $10.06 billion.

On July 2, BlackRock’s spot Bitcoin ETF recorded its tenth consecutive trading days of net outflows, totaling 35,980 BTC worth around $2.24 billion. Meanwhile, it recorded an inflow of $209.4 million yesterday.

Overall, some large institutions are reducing their Bitcoin exposure, while whale traders continue placing aggressive leveraged bets on a recovery in both Bitcoin and Ethereum.