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In the aftermath of the October 10 crash, Bitcoin 
$101,765 has been striving for recovery. However, sentiments among veteran investors remain gloomy. According to Arkham data, an early Bitcoin whale who profited 200 million dollars just before the sharp drop on October 10 has now opened a new short position worth 234 million dollars through the Hyperliquid exchange. This bold move highlights ongoing market skepticism despite recent attempts at price recovery. The position’s liquidation price stands at 123,000 dollars. In the second half of the week, Bitcoin faced resistance at 114,000 dollars before retreating to 108,500 dollars.
Trump’s Trade Tariff Sparks Market Chaos
On October 10, Bitcoin’s price plummeted from 122,000 dollars to 102,000 dollars. This decline occurred immediately after U.S. President Donald Trump announced a tariff increase on all imports from China, raising rates from 30% to 130%. The situation was exacerbated by China’s decision to limit rare earth exports, weakening global risk appetite. Technical disruptions on Binance further accelerated panic selling among investors.
Blockchain data reveals that this investor strategically opened an enormous short position nearly 30 minutes before Trump’s announcement, directly benefiting from the ensuing market drop. This action reignited debates about the potential access to insider market information by this so-called whale.
Whale’s Bold Move Tests Market Stability
Despite Bitcoin’s recent recovery trends, the whale’s decision to initiate another short position has puzzled market participants. Market data indicates that following Trump’s announcement of imposing approximately 155% tariffs on China starting November 1, the whale entered a 234 million dollar short position. This move has shaken market confidence once again, causing experts to speculate that such a significant position may test liquidity conditions and amplify price volatility.
On the other hand, Bitcoin, the largest cryptocurrency, surpassed 114,000 dollars in its recent 24-hour rise, prompting rapid profit-taking among investors. The current scenario, marked by geopolitical uncertainties and high-leverage trading, suggests that volatility is here to stay. According to CoinMarketCap, Bitcoin is trading at 108,088 dollars with a marginal 0.04% dip in the last 24 hours.
