KEYTAKEAWAYS
- A crypto whale who previously made ~$200 M from shorting BTC now holds a ~$234 M short position, signaling doubts about the current rebound.
- The whale’s short amid Bitcoin’s rally to $113K suggests he expects another downturn rather than sustained growth.
- With a liquidation price around $123K, this massive short position exposes major skepticism about the strength and depth of the current market move.
CONTENT
On October 10, 2025, the crypto market faced one of its most volatile days in recent memory. Bitcoin (BTC) plunged from around US $122,000 to about US $104,000, triggered by a surprise US tariff announcement and a rush of liquidations across leveraged trades. Amid this chaos, one long-time holder quietly made his move: an early-era Bitcoin investor who had earned roughly US $200 million by shorting ahead of the crash.
THE REVERSE PLAY DURING THE REBOUND
As Bitcoin rebounded toward US $114,000, many traders took this as a bullish sign. But the whale chose a different path. According to on-chain data from Arkham Intelligence, he opened a new short position worth about US $234 million on the decentralized derivatives platform Hyperliquid.
The liquidation trigger for this position sits near US $123,000—meaning if BTC rises past that level, his bet could be forcibly closed. His move suggests he believes this rebound may be fragile and that risk remains.
IMPLICATIONS: RISK IN THE RECOVERY
This whale’s action is more than just a big trade—it’s a signal that the market may not be as confident as the surface suggests. The rebound in Bitcoin’s price is real, but many indicators of trend strength—such as strong volume, broad participation, and renewed liquidity—remain weak. Experts warn that unless those structural supports return, this bounce could be temporary.
For average investors, the takeaway is that seeing green candles does not guarantee a sustained uptrend. The whale’s counter-trend move suggests he sees opportunity in a faltering rally rather than in chasing the peak.
