Bitcoin’s breakout attempt faced another rejection at $65,000 earlier this week, and the bears appear to be in control once again, driving the asset south to under $63,000.
One particular bear has garnered the community’s attention with massive short positions that they keep building on.
Data provided by Lookonchain indicates that the unknown market pessimist continues to increase their leveraged position, which has now grown to 2,000 BTC. The analysts described them as the “largest on-chain BTC bear.”
Although the trader is currently well in the green on their position, sitting on an unrealized profit of nearly $2 million at today’s prices, their liquidation levels are not far off.
The current price at which the bear will be wiped out is just over $63,500, which makes the position even riskier. For now, though, it’s quite beneficial since BTC has seemingly lost the $63,000 support despite the positive CPI and PPI data from earlier this week.
Gambler 0xff84 keeps adding to his $BTC short and now holds a 2,000 $BTC($125.37M) short, with an unrealized profit of $1.79M.
He is now the largest on-chain $BTC bear.
Liquidation price: $63,528.92https://t.co/OGB2Ch9tfI pic.twitter.com/fxldgN0j5x
— Lookonchain (@lookonchain) August 14, 2026
According to analysts at CryptoQuant, the cryptocurrency has failed to rally due to several factors: the Coinbase Premium has remained in the negative for three months, the spot Bitcoin ETFs have seen weaker inflows, and there’s not enough spot trading volume across all centralized exchanges.
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