Traders use leverage to lift bitcoin BTC$115,283.91 Going back to the record, we create a high-risk environment where derivatives could be rewind to the downside if prices start to change in reverse.
Market analyst Skew warned one of the traders’ intentions to open up a long nine-figure position, “may wait to wait for a purchase to carry so that no toxic flow occurs.”
$ BTC
A random number of 9 is a whale that sings long and similarMaybe they’ll wait for the spot to carry purchases, and don’t create a toxic stream pic.twitter.com/goi1gzazl0
-September 12, 2025
The Bears are also adding leverage, reducing BTC to $234 million and then shortening BTC with an entry of $111,386, followed by independent traders currently dealing with unrealized losses of $7.5 million. The trader has maintained his position by adding $10 million worth of stubcoins, and is currently liquidated at $121,510.
However, the main liquidation risks lie on the downside, with Kingfisher’s data showing a large pocket of derivatives being liquidated between $113,300 and $114,500, and the liquidation cascade could return to support at the $110,000 level.
“This chart shows where traders are over-leveraged,” Kingfisher wrote. “It’s a pain map. Prices tend to get sucked into these zones and get rid of their location. We’ll use this data to avoid being on the wrong side of a big movement.”
Bitcoin is currently quietly entering a period of volatility of around $115,000 and has not fallen out of its current range for over two months.
