Bitcoin News Today: Whale Faces $190M Short Liquidation Risk as Bitcoin Approaches $104K

On Wednesday, Bitcoin surged to $103,660, coming close to filling a significant gap on the CME Group’s futures exchange, while a whale investor’s $190 million short position neared liquidation. This high-stakes trade, brought to light by blockchain analytics firm

Intelligence, has left traders on edge as the cryptocurrency approaches a pivotal price point, according to .

The CME gap—an area where trading was absent—was closed as

climbed above $104,000. However, the upward movement was checked by a "$240M market dump" from major sellers, as reported by , which referenced data indicating heavy selling by institutions and large holders. This scenario highlights the delicate equilibrium between bullish and bearish bets in the digital asset market.

The whale’s short, initiated on the Hyperliquid platform, stands as one of the most substantial single-position risks in the sector. With Bitcoin trading at $103,660—just $357 shy of the $104,017 liquidation mark—the position is at risk of being closed out if prices keep rising, as points out. Should a forced buy of $190 million in Bitcoin occur to cover the short, it could spark a wave of additional liquidations, intensifying upward price momentum and possibly sending toward $105,000.

This episode underscores the increasing impact of leveraged trades in the crypto space. "High leverage amplifies both profits and losses," Arkham Intelligence stated in a recent analysis. "Even a minor unfavorable price shift can result in massive losses for large positions." The whale’s move appears ill-timed, as Bitcoin has gained 2.34% over the last day, challenging Fibonacci resistance near $104,000, according to

.

Elsewhere,

, a major force in crypto derivatives, announced record trading volumes for October, with metals and digital assets fueling the increase, as per . The exchange has broadened its offerings, launching futures and options, which reached $1.5 million in volume on their debut. Five XRP spot ETFs from leading firms such as Franklin Templeton and Bitwise are now listed on the Depository Trust and Clearing Corporation (DTCC), marking a rise in institutional participation, according to .

Regulatory shifts are also shaping the market. The U.S. Securities and Exchange Commission (SEC) stressed the need for transparency in digital assets during a congressional session, while Binance’s legal dispute with the FTX estate continued, as reported by

. These developments create a turbulent environment where participants must contend with both regulatory ambiguity and rapid product evolution.

Despite recent market swings, optimism for the long term remains. CME Group’s latest dividend announcement and its revenue forecast—projecting $7.3 billion by 2028—reflect strong confidence in the growing appetite for derivatives trading, according to

. Still, experts warn that periods of low volatility could slow growth, as trading activity tends to be cyclical.

With Bitcoin lingering near crucial price points, the interplay of leveraged trades, institutional involvement, and regulatory changes is likely to determine its next direction. For now, all eyes are on the $104,000 mark, as the market waits to see if a single transaction could alter the crypto landscape.