TLDR
- An $11 billion Bitcoin whale opened a new $235 million leveraged short position on BTC at $111,190, betting on further price declines
- The same whale previously made $200 million in profit from shorting Bitcoin during the October 10 market crash
- The whale’s new short position faces liquidation if Bitcoin’s price rises above $112,368 or $123,000 depending on the source
- The whale transferred $540 million in Bitcoin to new wallets, including $220 million to Coinbase exchange
- New Bitcoin whales collectively face $6.95 billion in unrealized losses as BTC trades below its average cost basis of $113,000
A large Bitcoin investor known as a whale has opened a new $235 million short position on Bitcoin. This move comes just one week after the same trader made $200 million betting against the cryptocurrency during the recent market crash.
The whale opened the short position on Monday when Bitcoin was trading at $111,190. The position uses 10-times leverage, which means the investor borrowed capital to increase the size of the bet. This type of trading can increase both potential profits and losses.
The wallet address associated with this whale holds approximately $11 billion in Bitcoin. The new short position currently shows an unrealized loss of $2.6 million. According to blockchain data platform Hypurrscan, the position will be liquidated if Bitcoin’s price climbs above $112,368.
The trader made headlines last week after profiting from the October 10 market crash. Bitcoin dropped from around $122,000 to $104,000 that day. The crash happened after President Donald Trump announced a 100% tariff on Chinese goods, adding to existing 30% tariffs.
The whale opened a large short position about 30 minutes before the tariff announcement. This timing raised questions among traders. Some speculated about possible insider trading, though no evidence has been confirmed.
Recent Wallet Activity
The whale has moved large amounts of Bitcoin recently. Over the past week, the investor transferred $540 million worth of Bitcoin to new wallets. This included $220 million sent to Coinbase exchange wallets.
Blockchain data platform Arkham reported the new short position on social media. The platform noted that the whale moved $30 million to Hyperliquid, a decentralized exchange, before opening the short bet.
THE $10B HYPERUNIT WHALE IS NOW SHORT $122M OF BTC
The whale who made $200M shorting the Bitcoin crash to $100K has now moved $30M to Hyperliquid and is shorting AGAIN…
It also appears that he has moved $540M of BTC to new wallets in the past week, $220M of which has been… pic.twitter.com/X6E2rQHrgu
— Arkham (@arkham) October 20, 2025
The whale first emerged two months ago. At that time, the investor rotated about $5 billion worth of Bitcoin into Ethereum. This move briefly made the whale the second-largest corporate Ethereum holder.
Market Impact on New Investors
While this experienced whale bets on price declines, newer Bitcoin whales face mounting losses. New Bitcoin whales are holding a cumulative unrealized loss of over $6.95 billion. This represents the largest unrealized loss for this group since October 2023.
Crypto analytics platform CryptoQuant reported that Bitcoin is trading below its average cost basis of approximately $113,000. These newer whales hold about 45% of the total Whale Realized Cap.
Bitcoin has recovered somewhat since the October 10 crash. The cryptocurrency rebounded to around $114,000 on Tuesday before pulling back. As of the latest data, Bitcoin was trading at $108,500.
Market analysts view the recent drop as a healthy correction. Blockchain analytics firm Glassnode reported that the correction flushed out excess leverage from the market. The firm noted that short-term Bitcoin holder supply has risen and speculative capital now takes a larger share of the market.
The whale’s liquidation price sits at $112,368 according to Hypurrscan, though other sources cite $123,000. Bitcoin would need to rise above these levels for the exchange to force-close the position.
