Mysterious 'whale' places order for over $100 million to short Bitcoin

A major trader on the derivatives exchange Hyperliquid opened a $163 million short position on Bitcoin on October 12. The trader used 10x leverage and was making a profit of $3.5 million as of the afternoon of October 13. However, the position will be liquidated if the price of Bitcoin hits $125,500 .

The investor with the wallet address 0xb317 attracted attention from the crypto community after opening a short position just 30 minutes before President Donald Trump announced the tariffs on Friday, a move that earned them $ 192 million as the crypto market collapsed.

The community is calling this person an “insider whale” due to the timing of the trades. Some believe that this trader caused the massive liquidation wave over the weekend. “The crazy thing is that he shorted hundreds of millions of dollars worth of BTC and ETH minutes before the market crashed,” said MLM, an observer. MLM added: “And this is just what is public on Hyperliquid, imagine what he did on other centralized exchanges.”

“People in the crypto space are realizing what an unregulated market means: insider trading, corruption, crime and lack of accountability,” said Janis Kluge, a researcher at SWP Berlin.

Binance has denied any role in the market crash. The exchange asserted that its futures and spot trading systems were operating normally throughout the event. Binance also announced a compensation package of approximately $283 million for traders who were liquidated due to holding USDE, BNSOL, and WBETH as collateral. The BNB token has rebounded strongly, gaining 14% in the past 24 hours, surpassing the $1,300 mark.

Source: https://znews.vn/ca-voi-bi-an-dat-lenh-hon-100-trieu-usd-ban-khong-bitcoin-post1593398.html