Two Bitcoin (BTC) whales have taken opposing leverage positions totaling $51 million. This occurred as the unstable ceasefire between the United States and Iran shows signs of cracks surrounding Lebanon.
Such a large-scale bet shows that the cryptocurrency market is engulfed in extreme uncertainty. BTC is trading at about $71,500 after a 4.5% surge overnight linked to the ceasefire announcement.
Whale Showdown, Betting $51 million
The on-chain tracker Lookonchain captured two whale wallets taking opposite positions. Wallet 0x2fc3 opened a 30x leverage long position on 325.88 BTC (approximately $23.22 million). The liquidation price for this position is $70,092.
Conversely, wallet 0xedf2 opened a 40x leverage short position on 400 BTC (approximately $28.50 million). The liquidation price for this position is $72,183.
The liquidation prices on both sides and the current price of BTC are very close, resulting in one of the most intense whale battles in recent weeks.
Even a 2% movement in price in either direction could trigger millions of dollars in forced liquidations.
Ceasefire fractures threaten the upward trend
The macro situation is also unstable. The Kobeissi letter reported that Iran warned it would withdraw from a two-week ceasefire if Israel continues military operations in Lebanon.
Minutes later, the White House informed Axios that this agreement does not include Lebanon at all.
Pakistani Prime Minister Shehbaz Sharif called on all parties to exercise restraint and mentioned that violations have already been reported.
“Violations of the ceasefire have been reported in some conflict areas, undermining the intent of the peace process.” – Prime Minister Shehbaz Sharif
Trump strongly criticized the unauthorized ceasefire claims
Adding to the chaos, U.S. President Donald Trump stated via Truth Social that parties not involved in the negotiations are disseminating unauthorized agreements and documents.
He referred to the authors as “complete frauds” and “deceivers,” warning that federal investigations would uncover them.
Trump emphasized that there is only one key point that justifies the ceasefire and that discussions are conducted confidentially.
He also pointed out that CNN had highlighted a source that it had no authority to engage with.
This statement has further obscured the actual scope of the ceasefire. With Iran threatening to withdraw, Israel pushing operations in Lebanon, and Trump dismissing competitive frameworks, the ceasefire is in a very precarious situation.
This has a direct impact on Bitcoin as well. 252 million dollars in short positions were liquidated within 24 hours of the first ceasefire agreement announcement.
Whether the upward trend will be maintained is beyond the whale's position and may depend on the next situation in Beirut, Islamabad, and Washington.