Whale Opens 136 BTC 40x Long — Bullish Intent but High Risk

I see a whale opened a 136.30585 BTC long at 40x leverage with an entry of $117,476 and a liquidation near $86,998, funded on cross margin with a $400,654 balance. The position is sizeable (~$16.0M) but currently only a small unrealized gain.

I view this as an aggressive bullish bet that increases market skew but carries material liquidation risk: a ~26% downside move from entry would wipe the position. I would not mirror this trade without strict risk controls and awareness of potential volatility cascades.