- Insider Whale profits $5M from closing a $500M Bitcoin short position.
- Linked to market downturn since October 10.
- Speculation around whale’s identity and market impact continues.
The $500 million Bitcoin short by “Insider Whale” on Hyperliquid closed with a $5 million profit within two hours on October 15, following the recent market downturn.
This event highlights market volatility’s impact on significant traders, revealing substantial profits from strategic positions amid Bitcoin’s ongoing decline after the October 10 market crash.
Key Developments, Impact, and Reactions
The entity labeled as “Insider Whale,” purportedly linked to an Ethereum address ending in “7283ae,” has been involved in shorting Bitcoin amid market instability. Their actions follow a sharp drop in Bitcoin’s value by about 8% since October 10. The closure of this large position has led to significant fund flows tracked via HypurrScan.
Market observers noted the notable profit amid broader market volatility. However, no official statements from Hyperliquid or public crypto figures confirm the closure’s specific impact or the whale’s identity. Notably, Garrett Jin denied any ties to the address involved, stating, “The claims trying to connect my address to Hyperliquid’s recent whale activity are completely false and unsupported by on-chain evidence. I have no involvement with these positions.”
The absence of official comments has not halted rampant speculation about the trader’s motives or possible affiliations with known figures. Community forums remain active, yet provide little verifiable information beyond the profit realization and associated address activities.
Bitcoin Faces Continuous Downtrends Amid Large Market Moves
Did you know? The “Insider Whale” previously profited $192 million from shorting during a market decline linked to other macroeconomic events, underscoring its historical impact on market disruptions.
As reported by CoinMarketCap, Bitcoin’s current price stands at $113,318.81 with a market cap of $2.26 trillion. Bitcoin holds a market dominance of 58.54%. Over the past 24 hours, Bitcoin’s trading volume reached $89.12 billion, observing a price decline of 1.77%. Over a wider temporal window, Bitcoin has faced continuous downtrends: recording drops of 6.16% in the past week, 1.89% over the past month, 3.47% in 60 days, and a 4.93% decrease in 90 days.
Analysts from Coincu Research highlight potential technological and market ramifications, noting that large players’ anonymous market maneuvers can exacerbate price volatility. The event may prompt discussions on regulatory action targeting transparency and accountability in crypto derivative markets.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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