BTC has just broken below $76,800. This level is the 50-week moving average highlighted in Wintermute’s report this morning, which suggested that a break below would signal further bearish momentum. The whale on HL, known for flipping 40x positions back and forth, was liquidated twice in less than a day—once on longs, once on shorts. At 11:25 yesterday, his short position of 50.9 BTC was liquidated; then at 20:08, he went long 247.6 BTC at an average price of $77,981. This morning at 01:35 and 03:40, his long position was liquidated again for 89 BTC, and by 09:35, he closed his remaining 158 BTC longs, resulting in a loss of $224,000 on this long trade. At 09:36, he reversed course again, opening a short position of 145.6 BTC at an average price of $77,147. With BTC now below $76,800, this short is already up approximately $66,000 unrealized, with a liquidation price at $77,910. Both times, he reversed only after getting hit—this time, he got the direction right. But he’s already lost $260,000 this week and now has only around $320,000 left in his account; under 40x leverage, a mere 1.7% rebound in BTC could liquidate him again. Next target: the low of $76,265 set after the October 31 hack. Do you think it’ll hold—or will his short position ride this all the way down?