The biggest liquidation day in crypto history behind the Whale's knife fight: bearish traders have had their fill and left with their knives.

Original | Odaily Daily Report (@OdailyChina)

Author｜Wenser（@wenser 2010）

Waking up, I believe I’m not the only one who doubts my own eyes.

Coinglass data shows that in the past 24 hours, the total liquidation amount across the network was $19.133 billion, with as many as 1,618,240 people liquidated. OKX market data shows that BTC briefly fell to $101,500; ETH briefly fell to $3,373; and SOL briefly fell to around $144. For more details on the grim spot prices, see “The Night of Frightening Plunge: A Single-Day Liquidation Record of $19.1 Billion, Wealth Flowing Madly.”

Despite the fact that the prices of major mainstream coins have all undergone varying degrees of recovery, this is still a wealth feast belonging to the bears. The biggest winners who have made a fortune during this extreme market situation are undoubtedly a certain BTC OG who is suspected of insider trading and a crypto whale who opened a 9-digit short position. Odaily will provide a brief analysis of the operations and possible identities of these insider whales in this article.

Crypto Whales Issue 10-Digit Short Positions, Raking in 200 Million Dollars in a Day

Perhaps no one expected that after reaching a new high, the BTC price would experience such a significant correction, except for some insiders and a few sharp-eyed crypto whales.

Bitcoin OG whale opens a massive short position 3 days in advance, operation record overview

A BTC OG whale with a floating profit exceeding 70 million USD had its earliest trading operation traced back to August 20: According to LookonChain monitoring, since August 20, this trader/institution has sold nearly 36,000 BTC on Hyperliquid and bought over 886,000 ETH, with the ETH/BTC exchange rate at that time being 0.0406; in its remaining 4 wallets, it still holds over 49,000 BTC, worth 5.43 billion USD.

On October 8th, the giant whale sold 3,000 BTC again, worth 363 million dollars. Currently, out of the 3 related addresses, 2 have been cleared; one address still holds.

Address list:

bc1pxeg2c8yy5gklex2z8qvmxlwgvf7kzhx07a68xek52kfl0s9dc20qjydsuu (cleared);

0x757f88e931ef4d57c23b306c5a6792fc0d16edb2 (Hyperliquid address, already cleared);

0x4f9A37Bc2A4a2861682c0e9BE1F9417Df03CC27C (holding 426 million USDC).

On October 10, this giant whale started its own “insider-style short selling performance” -

Initially, it deposited 80 million USD into Hyperliquid and opened a 6x short position of 3477 BTC; additionally, it deposited 50 million USD of USDC into Binance. Address: 0xb317D2BC2D3d2Df5Fa441B5bAE0AB9d8b07283ae;

Subsequently, it increased its short position again, raising the short position of BTC to 3600 coins.

Yesterday afternoon, it targeted ETH for a short position and deposited 30 million USD into Hyperliquid to open a 12x short position of 76,242 ETH. The on-chain address can be found here, and this address has now been fully liquidated.

On the evening of the 10th, the giant whale's short positions continued to increase, reaching around $1.1 billion at one point, with BTC short positions valued at $752 million and ETH short positions valued at $353 million.

As Trump launched another tariff war last night, the market fell in response, and the whale's short position also turned profitable, making a profit of over 27 million dollars at one point.

Today's latest news, Hypurrsan data shows that a whale that previously shorted BTC and ETH has pulled back 60 million USDC to Arbitrum, making a profit of 72.33 million dollars in the past 24 hours.

In extreme market conditions, Hyperliquid emerges as a winner again, with HLP daily profits exceeding 40 million USD

Additionally, according to on-chain analyst @mlmabc, the giant whale's daily profit on Hyperliquid is approximately $190 million to $200 million; on the other hand, in extreme market conditions, Hyperliquid also took a share of the profits: HLP's daily profit reached $40 million; the annual interest rate surged to 190%; overall capital return reached 10-12%.

The Hidden Identity of Insider Whales: Possibly Related to Trend Research?

As for the identity behind this giant whale, there is currently no conclusion.

However, according to Lookonchain analysis, the high-profile Ethereum swap may be related to the Bitcoin OG under Yili Hua's Trend Research. The evidence is that wallet 0x52d3 previously sent 0.1 ETH to this Bitcoin OG address as gas fees, and then deposited 1.31 million USDC into the Binance deposit address of Trend Research.

Source: Odaily