Bitcoin Whales Abandon Short Positions—Is $100K the New Floor?

Big players ditch bearish bets as BTC defies gravity. Now the question looms: can the king of crypto sustain its throne above six figures?

Market watchers note a sharp drop in whale shorting activity—just as Bitcoin flirts with its next psychological milestone. Traders brace for volatility, while skeptics mutter about ’irrational exuberance’ (again).

One hedge fund manager quipped: ’Turns out even whales get tired of losing money fighting this train.’ Meanwhile, traditional finance pundits still can’t decide if it’s a currency, commodity, or some eldritch financial horror they don’t understand.

Source:  Alphractal/X

A short-squeeze? What’s next?

The reversal triggered a short-squeeze that left late short-sellers in losses. According to CoinGlass, $33 million worth of BTC positions were liquidated in the last 24 hours alone. Out of this, $23 million of shorts were wiped out. 

Sunday’s short-squeeze allowed BTC to reclaim $105k ahead of key macro updates, including U.S labor market data on 6 June. 

Source: CryptoQuant

Market jitters accelerated last week’s BTC decline amid expectations of renewed trade wars after President Donald TRUMP claimed that China violated its preliminary agreement. 

In fact, U.S Spot Bitcoin ETFs saw cumulative $917 million outflows last Thursday and Friday, underscoring uneasiness among institutional investors. 

It remains to be seen whether the inflows in the products will recover into the new week, placing BTC at a pivotal position. Can it climb above $110k or drop below the $100k psychological level? 

For his part, BTC trader Cryp Nuevo is expecting the price to drop to $100k before targeting $113k, citing massive liquidity pools at these levels. In most cases, these liquidity pools always act as price magnets. 

Source: Cryp Nuevo/X

Another trader, Daan crypto Trades, made a similar projection for June. However, he forecasted a potential dip to $98k (Around a 200-day Simple Moving Average), before a rebound. 

Meanwhile, analyst Justin Bennet agreed with Alphractal’s outlook, while also noting that BTC whales’ positioning has been flat. 

Source: Justin Bennett/X

The whale vs retail delta indicator tracks whale positioning, and the decline in late May meant exposure was trimmed. However, positioning has been flat in early June, and only extra exposure may drive BTC’s price forward. 

Overall, whales reduced shorting bets against BTC after the weekend short-squeeze. However, according to analysts, a liquidity hunt to $100k cannot be overruled ahead of key macro updates.