Three cryptocurrency whales opened $148.7 million in leveraged long positions on Bitcoin on Tuesday after Strategy Inc. disclosed it sold 3,588 BTC for approximately $216 million on Monday, according to onchain analytics firm Lookonchain. The positions included a 40x leveraged long on 1,000 BTC worth $63.8 million, a 10x long on 30,627 ETH valued at $54.9 million, and a 20x long on 470.4 BTC worth $30 million. Bitcoin fell to $61,246 on Monday following Strategy's sale disclosure, then rebounded to $64,312 by early Tuesday. Lookonchain wrote that despite Strategy selling BTC, whales still seem bullish on the market. The market absorbed Strategy's sale quickly, with the company rebuilding its cash reserves to $2.55 billion to fund preferred dividends.
Three Wallets Open $148.7 Million in Leveraged Bitcoin Positions
Lookonchain identified three wallets making outsized bets on Tuesday. A wallet tagged 0x15a4 opened a 40x leveraged long on 1,000 BTC worth $63.8 million. A second address, 0x7fba, went 10x long on 30,627 ether (ETH) valued at $54.9 million. A third wallet, 0xe069, opened a 20x long on 470.4 BTC worth $30 million. Together, the three positions total roughly $148.7 million in notional exposure.
The whales' timing tracks Bitcoin's rebound. Strategy Inc. (Nasdaq: MSTR) disclosed it had sold 3,588 BTC for roughly $216 million to fund preferred dividends and rebuild its cash reserves to $2.55 billion. The sale represented the first major bitcoin sale by Strategy Inc.
Bitcoin Rebounds to $64,312 After Strategy Sale
Bitcoin slid to a Monday low of $61,246 after Strategy disclosed the sale. By early Tuesday, bitcoin had pumped to $64,390, recovering the entire dip in less than a day. The cryptocurrency traded around $64,000 on Tuesday.
The market absorbed the coins quickly. Grayscale Research argued the sale may actually reduce financing risk and support price stability, since it rebuilt Strategy's dollar reserves to cover about 17 months of dividend payments. Other buyers stepped in too, with Bitmine continuing to build an $11.1 billion crypto treasury, revealing the extent to which corporate demand has broadened beyond a single firm.
Bernstein Notes 54% Decline Milder Than Previous Cycle Bottoms
Bernstein analyst Gautam Chhugani noted that bitcoin's roughly 54% decline from its October 2025 high near $125,000 remains far smaller than the 75% to 90% drawdowns often seen near the end of previous cycles. The Wall Street research firm maintained a constructive long-term view.
Bitcoin traded around $64,000 on Tuesday, roughly half its peak, yet still well above the levels where prior bear markets bottomed relative to their highs. Chhugani's reading postures the current market as painful but not historically extreme.
FAQ
What leveraged positions did the three whales open on Bitcoin?
Lookonchain tracked three wallets opening $148.7 million in leveraged longs on Tuesday. Wallet 0x15a4 opened a 40x leveraged long on 1,000 BTC worth $63.8 million, wallet 0x7fba went 10x long on 30,627 ETH valued at $54.9 million, and wallet 0xe069 opened a 20x long on 470.4 BTC worth $30 million.
How did Bitcoin's price respond to Strategy's sale of 3,588 BTC?
Bitcoin fell to $61,246 on Monday after Strategy disclosed it sold 3,588 BTC for approximately $216 million. By early Tuesday, bitcoin rebounded to $64,390, recovering the entire dip in less than a day. The market absorbed Strategy's sale quickly.
How does Bitcoin's current decline compare to previous cycle bottoms?
Bernstein analyst Gautam Chhugani noted that bitcoin's roughly 54% decline from its October 2025 high near $125,000 remains far smaller than the 75% to 90% drawdowns often seen near the end of previous cycles. Bitcoin traded around $64,000 on Tuesday, roughly half its peak, yet still well above the levels where prior bear markets bottomed relative to their highs.
