Bitcoin Surpasses $65,000: Liquidation Threshold for Remaining $93 Million Short Just $42 Away
As Bitcoin (BTC) surpasses $65,000, 360 BTC of the 1,800 BTC short position held by the address 0x8c96 (labeled “Gambler”) has been liquidated, with the threshold for the remaining $93.3 million position updated to $65,041.72.
The rally in Bitcoin’s price has brought a new liquidation risk to sell-side trades that incur losses as prices rise. According to a post by Lookonchain, the address identified as 0x8c96 and tracked with the “Gambler” label lost part of its position after Bitcoin crossed $65,000.
360 BTC of the address’s total 1,800 BTC short position was liquidated. This transaction took place at a value of approximately $23.36 million. Following the liquidation, 1,440 BTC remained in the position, and the total value of this amount was calculated at $93.3 million.
Critical liquidation level for Bitcoin: $65,041.72
The highlight of the report was the setting of the new liquidation level for the remaining position at $65,041.72. This level is only about $42 above the $65,000 threshold that Bitcoin has already surpassed. If the price sustains its level above this point, the remaining short position could also be liquidated, potentially triggering an additional liquidation wave of approximately $93.3 million. However, this is not a finalized outcome but stands out as a possible scenario based on the current position and liquidation threshold.
On the position screen, the trade is listed as a 40x leveraged and cross-collateralized BTC-USD short. The panel displays the remaining 1.44K BTC amount, a position value of $93,326,400, and a liquidation level of $65,041.72 together.
The record in the transaction history shows the 360 BTC liquidation at a transaction price of $64,888 and a value of $23.36 million. This record ties the remaining portion of the position at address 0x8c96 to a concrete price threshold that needs to be monitored.
