Whale’s 4th Stop-Loss on $125M BTC Short, Total Loss $988K

Repeated stop-outs on a single large short are a useful signal about positioning rather than price: they suggest the trader keeps re-entering against a trend that isn't accommodating bearish bets. The cumulative loss is modest relative to the notional, so the position sizing, not the thesis, is what's being tested. The open question is whether the whale keeps re-establishing the short after each stop-out, which would indicate conviction rather than capitulation, and whether similar forced exits appear among other large short holders.