Bitcoin Whale Orders to Reduce Long Positions Exceed $40 Million

Large Bitcoin (BTC) traders placed more than $40 million in new orders to reduce long positions this week as the price approached $83,000, setting up potential exits on a rebound.

The new sell orders focused on reducing exposure or taking profits. Some accounts planned to exit their entire positions on a rebound. Some large traders also adjusted price levels on existing orders to close or exit positions.

Buy orders were positioned below the market at the same time. The $40 million figure covers new orders to reduce long positions, not completed sales. Neither the sell orders nor the buy orders establish that trades took place.