Short Bitcoin Positions Yield Substantial Profit as Price Drops

A recent observation by @ai_9684xtpa suggests that short positions in Bitcoin have generated significant profits following a sharp price decline below $112,000. This profitable position is worth an estimated $140 million and has reaped approximately $1.298 million in unrealized profit. The associated perpetual contract account currently holds $34.8 million, with a margin utilization rate of 79.43%.