Bitcoin (BTC), Is the Selling Shock Fake?...Whales Betting with '40x' Leverage

▲ Bitcoin whale

Bitcoin (BTC) reversed Strategy's sale shock of 3,588 BTC in less than a day, prompting whales to make leveraged long bets worth $148.7 million. One wallet placed a 40x leverage bet on 1,000 BTC, making a decisive move for a rebound.

According to crypto media outlet Bitcoin.com on July 7 (local time), on-chain analytics firm Lookonchain revealed that three whale wallets opened long positions in Bitcoin and Ethereum (ETH). The nominal value of these positions totals $148.7 million. Lookonchain stated, "Despite Strategy selling Bitcoin, whales still seem to view the market as bullish."

The 0x15a4 wallet opened a 40x leveraged long position on 1,000 BTC, worth $63.8 million. The 0x7fba wallet placed 10x leverage on 30,627 ETH, worth $54.9 million. The 0xe069 wallet established a 20x leveraged long position on 470.4 BTC, worth $30 million.

The whales' bets came immediately after Strategy (MSTR)'s large-scale sale. Strategy announced that it sold 3,588 BTC for approximately $216 million to pay preferred stock dividends and bolster its cash reserves. Bitcoin fell to $61,246 on Monday but rebounded to $64,390 by Tuesday morning, recovering all of its losses in less than a day.

Grayscale Research analyzed that Strategy's sale could actually lower its funding risk. Strategy's dollar reserves have increased to a level sufficient to pay approximately 17 months' worth of dividends. Bitmine also continued to expand its $11.1 billion crypto assets, demonstrating that corporate demand is not concentrated in just one company.

Bernstein analyst Gautam Chhugani pointed out that Bitcoin has fallen by approximately 54% from its peak of about $125,000 in October 2025. This decline is smaller than the 75-90% drops seen at market cycle bottoms in the past. Bernstein maintained a positive long-term outlook for Bitcoin.

[Article Summary]

-Three whale wallets opened leveraged long positions totaling $148.7 million on Bitcoin and Ethereum.

-Strategy sold 3,588 BTC for approximately $216 million, but Bitcoin recovered its losses in less than a day.

-Bernstein analyzed that Bitcoin's approximately 54% decline is smaller than the 75-90% drops seen at past market cycle bottoms.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*