Bitcoin’s latest price surge has put significant pressure on highly leveraged positions. As of April 17, market data showed BTC briefly approaching $76,300, with one of the largest short positions now hovering dangerously close to its liquidation threshold.
Massive short faces liquidation risk
According to HyperInsight Monitoring, a short position by a major investor labeled “Strategy Counterparty” is facing steep losses in the face of recent market moves. This trade, executed with 40x leverage and valued at about $78.1 million, would be forced into liquidation if Bitcoin surpasses $76,380.
Data from CryptoAppsy indicated that as Bitcoin approached $76,300, the unrealized loss on this position exceeded $4.3 million, equating to a 220 percent loss rate. Cumulatively, weekly losses climbed above $7.8 million. Records show the position was opened on April 1, and so far, the investor has taken no action to hedge or close the position.
Even a moderate gain in Bitcoin’s price is enough to push highly leveraged trades to their critical levels, rapidly increasing the risk of liquidation, market analysts emphasized.
Strategy’s BTC holdings back in profit
Meanwhile, the same entity’s overall Bitcoin holdings have returned to profitability. After BTC prices exceeded $75,000, the company reported unrealized gains totaling approximately $232 million.
As of April 12, 2026, Strategy owns a total of 780,897 Bitcoins. The average acquisition cost is reported as $75,577 per BTC, with a cumulative investment estimated at $59.02 billion. The recent price rally pushed portfolio values back into positive territory after hovering near cost in previous weeks.
New long signals bullish sentiment
Onchain data also revealed that another whale took a bullish stance by opening a new leveraged position. A wallet address beginning with 0x133 initiated a long trade on Bitcoin with 40x leverage, investing roughly $6.95 million.
The average entry price for this long stood at $75,320, and within a short span, the trade has already seen unrealized gains of about 20 percent. The trader has set a limit order to close the position at $77,000.
Notably, this position did not include a stop-loss order. With a liquidation price set at $74,287, the trader appears to be treating this as a de facto stop point to manage downside risk.
These volatile price movements underscore how quickly risk can escalate for those utilizing high leverage. The market continues to closely monitor the positions taken by institutional whales amid ongoing BTC fluctuations.
