Strategy moves $66M Bitcoin as $102.6M leveraged short emerges

Strategy-linked wallets transferred 1,030 BTC valued at $66.14 million, renewing questions about whether large institutional holders were adopting a more cautious stance. While the company has a history of moving Bitcoin between addresses without selling, the timing coincided with fragile market conditions.

Attention soon pivoted to derivatives after a newly created wallet deposited 2.44 million USDC into Hyperliquid and opened a 40x leveraged short position worth approximately $102.6 million on Bitcoin. The short carried a liquidation price of $64,888.97, placing it uncomfortably close to prevailing market levels. Both transactions arrived within hours of each other, amplifying bearish sentiment.

Large holders also increased their activity on Binance. The Whale Inflow Ratio climbed to 0.52, its highest level in four months, showing that whales contributed a larger proportion of exchange inflows than smaller participants. Historically, such spikes have appeared near both market peaks and capitulation phases, making their significance highly dependent on price action. Greater whale participation on exchanges typically raises the likelihood of selling pressure by making larger coin supplies immediately available for trading.

The broader spot flow picture remained fairly balanced despite increased whale activity. The latest daily spot netflow recorded a positive $21.10 million, indicating fresh Bitcoin entering exchanges rather than leaving them. Bitcoin defended the $62,162 support level while trading near $64,137, with price confined to a tight range below $66,835 resistance. The RSI recovered to 50.98 after briefly dipping below neutral territory, suggesting returning buying strength without overbought conditions. A decisive close above $66,835 would likely be needed to strengthen bullish conviction.