- Whale opens $135M BTC long with 40x leverage, risking liquidation near $94.6K
- Position sees $1M profit despite negative funding, fully reliant on perpetual futures
- Bitcoin trades above $106K with stable support and resistance between $105K–$108K
A highly leveraged Bitcoin position has captured market attention after blockchain data revealed a major perpetual futures trade totaling $134.72 million. The trader, operating under the wallet address 0xc653c52d0B0528FE5eAcA412A7bC1A5AAbB7c142, is fully exposed to Bitcoin’s price movements with no spot holdings, staking, or vault assets linked to the account.
The address currently holds a long position of 1,250 BTC, initiated at an average entry price of $106,972.20. On-chain analytics indicate the trader is using 40x leverage, which amplifies potential returns and downside risks. At Bitcoin’s current trading level of $107,777, the position reflects an unrealized profit of approximately $1,005,926.89.
Despite the profitable margin, the address has accumulated negative funding costs totaling -$13,087.49, pointing to sustained holding during a period when longs paid funding fees. The liquidation level is set at $94,597. A drop to that level would force the position to close, possibly triggering broader liquidation effects due to the trade’s scale.
High Leverage Raises Market Risk
The exclusive use of perpetual futures without any backing spot or collateralized assets indicates the trader’s reliance on short-term price trends. If the price approaches the liquidation point, the impact could extend beyond personal losses, potentially affecting short-term market sentiment due to the trade’s magnitude and visibility on-chain.
Analysts monitoring the trade noted that this approach shows confidence in Bitcoin’s current trend but remains exposed to volatility. Depending on market liquidity and execution speed, any abrupt price correction toward $95,000 could result in rapid forced liquidations.
Market Metrics Support Upward Momentum
At the time of reporting, Bitcoin traded at $106,356.88, reflecting a 1.30% gain over the previous 24 hours. Price movement recovered from intraday lows of $105,120, with a brief peak above $108,000 observed around 8:00 AM on May 21. Market capitalization rose to $2.11 trillion, while trading volume dropped slightly by 1.23% to $54.82 billion.
The cryptocurrency still circulates at 19.86 million bitcoins, which is fixed at 21 million. The company’s Fully Diluted Valuation rose to $2.23 trillion. A percentage of 2.59% between volume and market cap shows that enough liquidity is always on hand during active market activity.
Small sell-offs overnight on May 20 were followed by stronger buying activity. Support is at $105,000, and resistance sits at $108,000 for the near future. Many are observing the range-bound movement because there is still much uncertainty in the larger economy.
