Bitcoin is experiencing low-volume fluctuations around $108,000, with the market's attention focused on a group of "whale" players holding massive funds. According to AiCoin data, over the past week, several whale investors have made large-scale short position adjustments, with a total scale exceeding hundreds of millions of dollars.
1. Whale Short Positioning: Key Players and Operational Strategies Overview
● The most eye-catching figure in the recent market is an investor dubbed the "Insider Whale" and the "10 Billion Super Unit Whale."
According to AiCoin data, this whale has transferred 5,252 BTC worth about $588 million to major exchanges including Coinbase, Binance, and Kraken. Market analysts point out that such large-scale capital inflows usually indicate the holder's intention to sell or hedge.
More importantly, this whale has opened a new $234 million short position on the Hyperliquid platform at an average price of about $111,190 per BTC and is already sitting on about $6.7 million in unrealized profit. This move suggests strong confidence in a continued downward trend.
● Another whale address "0xc2a3" switched from closing profitable Bitcoin long positions (earning $5.7 million) to opening $32.5 million in short positions with 18x leverage, completing a shift from long to short.
● Meanwhile, the investor once known as the "100% Win Rate Mysterious Whale" has chosen to fully liquidate and exit the market, sending an uncertain signal to the market.
Key Whale Activity Data Table
Identifier/Address | Operation Date | Operation Type | Asset | Scale (USD) | Leverage |
Trump Insider Whale | October 20 | Open Short & Transfer Assets | BTC | Short $234 million & Transfer $588 million | 10x |
Whale Address 0xb317..ae | October 22 | Open Short | BTC | $121.72 million | 10x |
Whale Address 0xc2a3... | October 17 | Switch from Short to Long | BTC & ETH | $163 million | - |
Buy Low Sell High Whale | October 21/23 | Buy then Sell | ETH | $29.146 million (Buy) | - |
100% Win Rate Mysterious Whale | October 22 | Add Short Position | BTC | $32.48 million | - |
Source: Compiled by AiCoin
2. KOL Insights: Market Signals Behind Whale Operations
KOLs in the cryptocurrency field remain highly vigilant about whale movements, interpreting the market signals behind these large-scale operations from different perspectives. KOLs generally believe that whales transferring large amounts of assets to exchanges is a bearish signal in the short term.
● Blockchain detectives have labeled wallets associated with former BitForex CEO Garrett Jin as recently active "insider" whales. In now-deleted social media posts, Jin admitted the association but claimed the funds belonged to clients, not himself personally.
● Analyst CryptoNobler stated that this whale action is "pure market manipulation," suggesting they may be deliberately selling BTC holdings to push the price down to their short position target levels.
3. Analysis of Whale Strategies: From High Leverage to Exchange Transfers
Whales on the Hyperliquid platform demonstrate distinctly different trading styles. According to AiCoin data, current whale positions on Hyperliquid total $5.241 billion, with a long-short ratio of 0.83 and shorts accounting for 54.62% of positions. This data indicates that whales are overall bearish on the short-term market trend.
● Some whales prefer high-leverage short-term sniping, such as the trader known as "50x Guy," who excels at capturing event-driven and short-lived opportunities, often using 50x leverage.
● Others favor large capital operations, such as James Wynn, who prefers relatively longer cycles (several days) and achieves huge profits through large positions and high leverage.
After the market crash in October, Bitcoin whale behavior changed significantly.
● On-chain data confirms that long-dormant whales are becoming active again, increasing their trading activity, which historically leads to higher short-term volatility and selling pressure.
● Recent whale activity indicates a classic redistribution phase, mainly characterized by short-term selling pressure. Since the beginning of 2025, over 892,000 BTC from long-dormant wallets (inactive for 12 months to 5 years) have been moved.
Whale Operation Market Impact Analysis Table
Whale Type | Representative | Operational Features | Market Impact | Long-term/Short-term Impact |
Insider Whale | Trump-Linked Whale | Precise timing, high-leverage shorts | Triggers market follow-up selling | Strong short-term impact |
High Win Rate Whale | 100% Win Rate Mysterious Whale | Cautious position increases, order adjustments | Market sentiment indicator | Medium-short term orientation |
Buy Low Sell High Type | ETH Trading Whale | Chasing rallies and dips, frequent operations | Increases market volatility | Short-term volatility |
Long-Short Switching Type | 0xc2a3 Address Whale | Switching between long and short, profit rotation | Signals market direction change | Medium-short term reversal signal |
Institutional Whale | Company/Fund Wallet | Long-term holdings, periodic adjustments | Market stability anchor | Long-term trend impact |
Source: Compiled by AiCoin
4. Market Outlook: Future Trends Amid Whale Movements
As multiple whales increase their short bets, market divergence over future trends is becoming more pronounced. Analysts have provided different forecasts for Bitcoin's short- and medium-term trends.
● Bitcoin is showing technical weakness. The BTC/USDT daily K-line chart shows BTC has slipped below the lower boundary of the bear flag, a continuation pattern that typically signals further downside after a brief consolidation.
BTC is currently trading below the 20- and 50-four-hour exponential moving averages (EMA), aligning with the resistance area of $109,000-$110,000.
If this area cannot be re-established as support, it may further confirm this bearish pattern.
● From a market structure perspective, there is a clear divergence between new and old whales.
According to AiCoin data, after the recent crypto market crash that pushed BTC below the key $113,000 level, new Bitcoin whales are facing more than $6.95 billion in cumulative unrealized losses.
"BTC's trading price is below its average cost basis of about $113,000, exposing it to $6.95 billion in unrealized losses, the largest since October 2023."
● Despite declining investor sentiment, analysts believe BTC's four-day drop to $104,000 is a healthy correction, clearing out excess leverage and prompting market participants to adopt more conservative positioning.
