A mysterious trader identified only by the address 0x396d has opened a 40x leveraged long position on 911.55 BTC, worth approximately $70.08 million, according to on-chain analytics platform Lookonchain. The position has a liquidation price of $76,308.6, putting it uncomfortably close to Bitcoin's current trading level of around $76,800 per CoinGecko. Unless extra collateral is added, a drop below that threshold would wipe out the leveraged bet.
The same trader has reportedly completed 80 recent BTC trades with a 92.5% win rate, prompting speculation on social media about whether the move is based on inside knowledge or pure gambling. One X user asked: “92.5% win rate across 80 trades and now casually throwing on a $70M 40x BTC long. At what point do we stop calling this dude a gambler?”
The bet arrives during a fragile period for Bitcoin. After hitting a local high near $82,000 earlier this month, the leading cryptocurrency has pulled back, and some analysts expect further losses. The US Bureau of Labor Statistics is scheduled to release the CPI report later on September 11. Hotter-than-expected inflation data could pressure risk assets, while the Federal Reserve is widely expected to raise interest rates by 0.25% at its upcoming meeting, a move that could trigger another crypto market sell-off.
Analyst sentiment remains cautious, with some calling the recent pump to $82,000 “a classic bull trap” and warning that a break below $74,000 on the weekly timeframe could accelerate the downtrend. Traders are now watching whether the massive long position can survive the macro catalysts ahead.
