The crypto whale, which recently netted more than $197 million during the October market crash, has doubled down and built a huge short bet against Bitcoin (BTC).
The move comes as Bitcoin’s recovery from its mid-October crash continues to be chaotic and test investors’ resolve. Cryptocurrencies have shown flashes of resilience amid sustained volatility.
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Comeback Short: BitcoinOG reloads with huge bet against BTC
BeInCrypto previously reported that during the economic downturn in October, a whale held large short positions in both Bitcoin and Ethereum (ETH), making large profits during the market panic. In just 30 hours, investors earned more than $160 million.
Lookonchain reported on October 15 that the Bitcoin OG had permanently closed all short positions in Hyperliquid, securing over $197 million in two wallets. Despite these huge profits, the trader returned after just a few days.
According to data from a blockchain analysis companythe whale transferred $30 million in USDC to Hyperliquid through its wallet (0xb317) earlier this week He then opened a short position with 10x leverage on 700 Bitcoins worth approximately $75.5 million. The investor has since expanded this position, signaling a new bet on the market.
“The $10 billion hyperunit whale that shorted $200 million on China’s tariff collapse has simply doubled its short position in BTC,” Arkham posted.
BitcoinOG’s 10x leveraged active short position in Bitcoin is worth $226.6 million, according to the latest data from Hyperdash. The liquidation price is set at $123,282. Additionally, this position currently represents an unrealized gain of approximately $6.8 million.
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Lookonchain highlighted that in addition to leveraged bets, traders are also offloading Bitcoin.
“Since the market crash in 1011, he has deposited 5,252 BTC ($587.88 million) into Binance, Coinbase, and Hyperliquid,” the company said.
Bulls vs. Bears: Who will win as Bitcoin looks to see its next move?
However, not all traders are convinced by the bearish outlook. Yesterday, the largest cryptocurrency rallied slightly to over $114,000 following the decline in gold, but has settled back to near $108,000 at press time. Technical signals and potential capital turnover have fueled optimism among analysts, who are now predicting that BTC and altcoins could rise soon.
This positive outlook is evidenced by the bullish moves of several traders. Lookonchain recently introduced four investors who are long on the market.
0x89AB moved 9.6 million USDC to Hyperliquid, purchased 80.47 BTC (approximately $8.7 million), and opened a 6x leveraged long worth 133.86 BTC (approximately $14.47 million). 0x3fce added 1.5 million USDC, increasing his long Bitcoin position to 459.82 BTC (approximately $49.7 million). 0x8Ae4 deposited $4 million USDC to open long positions in Bitcoin, Ethereum, and Solana. 0xd8ef sent 5.44 million USDC and went long on Ethereum.
The coming days will decide whether whales bet on another slide or traders bet on a market recovery as investors take opposing positions.
