Bitcoin ‘OG’ Whale Places $438M Bearish Bet as BTC Dips Below $120K

A veteran Bitcoin trader, widely regarded as an “OG” in the crypto community, has placed a significant bearish wager on BTC amid recent price volatility.

The whale executed a leveraged short of 3,600 BTC, valued at approximately $438 million, on the decentralized exchange Hyperliquid overnight, as Bitcoin briefly dipped below $120,000, according to blockchain analytics firm LookOnChain. The position carries a liquidation price of $139,900, the level at which margin calls could force the trade to close.

“OG” refers to an early Bitcoin adopter or long-term holder with extensive market experience. This same entity reportedly sold 3,000 BTC in the spot market earlier this week, and about a month ago offloaded 35,991 BTC to diversify into Ether (ETH), the second-largest cryptocurrency by market capitalization.

Bitcoin has since rebounded slightly, trading at $121,700, according to CoinDesk data. Despite the whale’s bearish position, overall market sentiment remains positive, as reflected by annualized perpetual funding rates around 5%, signaling continued bullish bias in BTC futures markets.