Key Takeaways:
Whale entities re-opened high-leverage short positions on Bitcoin and Ethereum on June 27, betting on further downside as BTC struggles to hold above $60,000.
Bitcoin traded near $60,327 as of 12:00 UTC on June 27, down 2.3 percent in 24 hours, after whale entities re-opened high-leverage short positions on BTC and Ethereum.
"Bitcoin is still acting around $60,000 and remains below its 200-week moving average," Michaël van de Poppe, a market analyst, said. "The high-leverage short re-openings by whales suggest large holders expect further downside."
The bearish positioning follows a period of elevated whale activity. Santiment data showed 6,920 Bitcoin transactions worth more than $100,000 and 1,438 transactions worth more than $1 million on June 26 — the second-largest whale transaction spike in two months. CryptoQuant data revealed a split among wallet cohorts: addresses holding 1,000 to 10,000 BTC accumulated roughly 68,000 BTC on June 16, while wallets holding 100 to 1,000 BTC distributed 41,600 BTC by June 20.
The re-opening of high-leverage shorts raises the risk of a cascading squeeze if BTC holds above $60,000. Open interest sits near $20.92 billion, 10.3 percent below its 30-day average, while funding rates at 0.003626 remain well below the 30-day high of 0.018089. The next test is whether whales can push BTC below $60,000 or whether a short squeeze forces them to cover.
$1.8 Billion in Liquidations Preceded the Shift
The bearish positioning follows one of the most violent weeks for crypto derivatives in 2026. Liquidations on June 24-25 totaled roughly $1.8 billion, falling almost entirely on longs, triggered by a sharp pump-then-dump around the PCE release. Spot Bitcoin ETFs posted two straight days of near-$1 billion combined outflows, among the largest single-day prints this year.
The broader macro environment has also weighed on crypto. Liquidity is being siphoned toward AI names and World Cup betting markets, BloFin Research noted, while Strategy's cash reserve has collapsed from seven years of runway to just 10 months.
Ethereum Whales Join the Bearish Bet
On Ethereum, whale entities similarly re-opened high-leverage shorts, extending the bearish positioning across the two largest crypto assets. ETH traded at $3,412 as of 12:00 UTC on June 27, down 3.1 percent in 24 hours. The coordinated short positioning on both BTC and ETH suggests institutional traders are betting on a broader market decline rather than a single-asset event.
What to Watch
The key level for Bitcoin remains $60,000. A sustained break below that mark could trigger stop-losses and forced liquidations, accelerating the decline toward the next support zone near $57,000. On the upside, resistance sits near $63,500, where the 200-week moving average currently lies. If BTC holds above $60,000 and funding rates remain suppressed, the high-leverage shorts could become fuel for a squeeze higher.
This article is for informational purposes only and does not constitute investment advice.
