Bitcoin slides below $69k as traders pile into shorts
Bitcoin has fallen for several straight weeks and is reportedly under $69k, with large on-chain short traders profiting heavily.
Not yet known
- Unconfirmed: bitcoin is trading under $69k
- Unconfirmed: whether bitcoin has declined for several consecutive weeks
- Unconfirmed: the size of reported on-chain short profits and liquidations
- Whether the reported large traders' short positions will pay off further as prices move
What we know
Traders note bitcoin under $69k, and others say it has declined for several consecutive weeks with many traders liquidated. On-chain data shows two Abraxas Capital hedging accounts on Hyperliquid have made over $512M in profit, with shorts now cut to $572M. Another on-chain trader sold 8,000 ETH at $2,397 and bought back 10,501 ETH near $1,978.
Will Bitcoin dip to $55,000 by December 31, 2026?
Traders' bets on Polymarket, not a forecast by Global Eye 24. Polymarket · $8.0m traded · updated 06:51 UTC
What people are posting
Posts on X this story draws on. They are individual users' views and have not been verified by Global Eye 24.
“Abraxas Capital's 2 hedging accounts on Hyperliquid have now made over $512M in total profit”
View post →“58bro.eth sold 8,000 $ETH at $2,397 ... bought back 10,501 $ETH at $1,978”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.