Yesterday, the entire market was watching the $102.9M, 40x BTC short position that didn’t get liquidated, but the holder has already started cutting losses near the liquidation line. Address 0xff84…8f1d originally held a 1,600 BTC short position. Early this morning, after BTC surged, the address reduced its position in three steps: - 03:05: Closed 50 BTC short at $64,888 - 03:27: Closed 50 BTC short at $64,900 - 04:21: Closed 100 BTC short at $64,976 In total, 200 BTC were closed, with an average price of approximately $64,935, confirming a realized loss of $146,600. The position dropped by 12.5%, indicating the holder didn’t continue to hold out but instead actively reduced exposure near the liquidation risk. Currently, the address still holds a 1,400 BTC short position worth $90.44M, with a cost basis of $64,202 and an unrealized loss of $556,500. The liquidation price has risen to $64,998.73. While reducing the position did push the liquidation price up by about $108 from yesterday’s $64,891, based on the current BTC price of $64,500, the buffer above is still only around 0.8%. The available balance is zero, and the margin utilization rate is approximately 134%, meaning the core risk hasn’t been resolved. What’s even more noteworthy is the pending orders. The address has placed 28 reduce-only Stop Market buy orders, each for 50 BTC, totaling 1,400 BTC, which perfectly covers the entire short position. The actual trigger prices range from $64,985 to $68,254. Among them, 25 orders totaling 1,250 BTC are concentrated between $64,985 and $66,697, forming a laddered stop-loss strategy. The remaining 150 BTC are set to trigger at $66,978, $67,402, and $68,254. The first stop-loss order for 50 BTC is set to trigger at $64,985, just $13.73 below the current liquidation price of $64,998.73. This shows that the whale hasn’t left themselves defenseless but has precisely set the first automatic reduction line just before the liquidation price. Next, keep an eye on these three moves: further buying to close shorts, adding funds to the account, or lowering the stop-loss orders to just below the liquidation line. If none of these actions occur, $64,998.73 will remain the most direct liquidation line for this $90M short position. Smart Money Tracker: https://www.(aicoin.com)/zh-Hans/hyper-detail/0xff84dd888de8ac2ed9a44860dc44e57025d68f1d