According to @lookonchain, wallet 0x01ef sold 197 BTC for about $21.35M at $108,398 and then opened a 3x leveraged short totaling 561 BTC with roughly $60.89M notional (source: @lookonchain). The combined activity represents 197 BTC spot sold plus a 561 BTC short, equating to around 758 BTC of bearish exposure and approximately $82.24M positioned around the reported price level (source: @lookonchain).