According to CoinMeta, a large trader has placed a new short order for 102 million US dollars of BTC, with the first stop-loss level just 23.5 US dollars below the liquidation price. This account went all-in with a 40-fold short position of 1,600 units of BTC, at an average purchase price of 64,202.4 US dollars, resulting in a position value of about 102 million US dollars. The account has now placed eight market-order buy stops aimed solely at reducing its position, with each order planning to buy back 200 units of BTC, covering the entire short position. The latest adjustment increased the initial stop-loss quantity from 100 units to 200 units, setting the trigger price at 64,868 US dollars, which corresponds to a nominal amount of about 12.974 million US dollars. If BTC continues to rise, the account plans to close 12.5% of its position before reaching the liquidation price, with subsequent stop-loss trigger prices gradually increasing, up to a maximum of 67,023 US dollars.