Bitcoin is trapped in a low-volume fluctuation around $108,000, with market attention focused on a group of "whale" players holding substantial funds. According to AICoin data, several whale investors have made large-scale adjustments to their short positions over the past week, totaling over hundreds of millions of dollars.
1. Whale Short Position Layout: Key Players and Operational Strategies Overview
● Recently, the most notable player in the market is an investor referred to as the "Insider Whale" and "10 Billion Super Unit Whale."
According to AICoin data, this whale has transferred 5,252 BTC valued at approximately $588 million to major exchanges including Coinbase, Binance, and Kraken. Market analysts point out that such large-scale capital inflows typically indicate the holder's intention to sell or hedge their positions.
More importantly, this whale has opened a new short position of $234 million on the Hyperliquid platform at a price of about $111,190 per BTC, and has already accumulated approximately $6.7 million in unrealized profits. This behavior indicates confidence in the continuation of a downward trend.
● Another whale address "0xc2a3" closed a long Bitcoin position for a profit of $5.7 million and then opened a $32.5 million short position with 18x leverage, completing a shift from long to short.
● At the same time, an investor previously known as the "100% Win Rate Mysterious Whale" has chosen to completely liquidate their positions and exit the market, sending uncertain signals to the market.
Key Whale Activity Data Table
Identifier/Address | Operation Date | Operation Type | Target | 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 | Close Short to Long | BTC & ETH | $163 million | -
"High Buy Low Sell" Whale | October 21/23 | Buy then Sell | ETH | $29.146 million (Buy) | -
100% Win Rate Mysterious Whale | October 22 | Add to Short | BTC | $32.48 million | -
Source: Compiled by AICoin
2. KOL Insights: Market Signals Behind Whale Operations
KOLs in the cryptocurrency field remain highly alert to whale movements, interpreting the market signals behind these large-scale operations from different angles. KOLs generally believe that the large asset transfers by whales to exchanges are bearish signals in the short term.
● Blockchain detectives have marked wallets associated with former BitForex CEO Garrett Jin as recently active "insider" whales. In now-deleted social media posts, Jin acknowledged this association but claimed that the funds belonged to clients, not to him personally.
● Analyst CryptoNobler stated that the whales' actions are "pure market manipulation," implying that they may intentionally sell BTC holdings to drive the price down to their target levels for short positions.
3. Analysis of Whale Trading Techniques: From High Leverage to Exchange Transfers
Whales on the Hyperliquid platform exhibit distinctly different trading styles. According to AICoin data, whales on the Hyperliquid platform currently hold positions worth $5.241 billion, with a long-short ratio of 0.83 and short positions accounting for 54.62%. This data indicates that whales are generally bearish on short-term market trends.
● Some whales prefer high-leverage short-term sniping, such as a trader known as "50x Brother," who excels at capturing event-driven and fleeting opportunities, often using 50x leverage.
● Others lean towards large capital operations, like James Wynn, who prefers relatively larger cycles (several days) to achieve substantial profits through large positions and high leverage.
After the market crash in October, the behavior of Bitcoin whales has changed significantly.
● On-chain data confirms that long-dormant whales are becoming active again, increasing their trading activities, which historically leads to higher short-term volatility and selling pressure.
● Recent whale activities indicate a classic redistribution phase, characterized mainly by short-term selling pressure. Since early 2025, over 892,000 BTC from long-dormant wallets (which have been inactive for 12 months to 5 years) have been transferred.
Whale Operation Market Impact Analysis Table
Whale Type | Representative | Operational Characteristics | Market Impact | Long/Short Term Impact
--- | --- | --- | --- | ---
Insider Whale | Trump-Associated Whale | Precise timing, high-leverage short positions | 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 to short-term guidance
High Buy Low Sell Type | ETH Trading Whale | Buy high, sell low, frequent operations | Increases market volatility | Short-term fluctuations
Long-Short Conversion Type | Whale at 0xc2a3 Address | Switching between long and short, profit orientation | Indicates market turning point | Medium to short-term reversal signal
Institutional Whale | Company/Fund Wallet | Long-term holding, periodic adjustments | Market stability ballast | Long-term trend impact
Source: Compiled by AICoin
4. Market Outlook: Future Trends Under Whale Movements
As multiple whales increase their short bets, the market's divergence regarding future trends becomes more pronounced. Analysts have provided different predictions for Bitcoin's short-term and medium-term trends.
● Bitcoin has shown signs of fatigue on the technical front. The BTC/USDT daily candlestick chart shows that BTC has fallen below the lower trend line of the bear market, and this continuation pattern typically indicates further downside potential after a brief consolidation.
Currently, BTC is trading below the 20 and 50 four-hour exponential moving averages (EMA), aligning with the resistance area of $109,000 to $110,000.
If this area cannot be re-established as a support level, it may further validate this bearish pattern.
● From a market structure perspective, there is a clear divergence in performance between new and old whales.
According to AICoin data, following the recent cryptocurrency market crash that caused BTC to fall below the critical $113,000 level, new Bitcoin whales are facing a cumulative unrealized loss of over $6.95 billion.
"The trading price of BTC is below its average cost basis of approximately $113,000, resulting in an unrealized loss of $6.95 billion, the largest loss since October 2023."
● Despite declining investor sentiment, analysts believe that BTC's drop to $104,000 over four days is a healthy adjustment, clearing excess leverage and prompting market participants to adopt more conservative positions.
Bitcoin is experiencing low-volume fluctuations around $108,000, while whale players quietly adjust their short positions, indicating an undercurrent of a long-short battle.
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