The Whale Who Timed the October Crash Perfectly Is Now Betting on Another Bitcoin Drop

A crypto whale who recently pocketed over $197 million during the October market crash has doubled down, building a massive short bet against Bitcoin (BTC).

This move comes amid Bitcoin’s turbulent recovery from its mid-October crash, which continues to test investor resolve. The cryptocurrency is exhibiting flashes of resilience amid persistent volatility.

The Comeback Short: BitcoinOG Reloads With Massive Bet Against BTC

BeInCrypto previously reported that a whale held massive short positions on both Bitcoin and Ethereum (ETH) amid the October downturn, earning substantial profits during the market panic. Within just 30 hours, the investor gained over $160 million.

Lookonchain reported that on October 15, this Bitcoin OG had completely closed all short positions on Hyperliquid, securing more than $197 million across two wallets. Despite these massive gains, the trader was back just days later.

According to data from the blockchain analytics firm, the whale through the wallet (0xb317) transferred $30 million in USDC to Hyperliquid earlier this week and opened a 10x leveraged short position on 700 Bitcoin, valued at about $75.5 million. The investor has since expanded this position, signaling a renewed bet against the market.