A mysterious whale who dominated the recent market crash of Friday has now cashed out millions. According to Lookonchain, the trader, dubbed the “BitcoinOG,” deposited another 100 Bitcoin (BTC) (worth $11.48 million) to Kraken just hours ago. The same trader had earlier shorted Bitcoin and Ethereum (ETH) before the crash, pocketing over $160 million in unrealized profits.
Earlier, Lookonchain shared that as the market started to bounce back, the same trader boosted his Bitcoin short to 1,423 BTC, worth about $161 million. This shows how confident and strategic big traders can be during market swings. It also proves that timing and smart risk management often set top traders apart from everyone else.
According to EyeOnChain, other large traders showed mixed results after the crash. One address, 0x72..AD88, now holds over $1.55 million in floating profits from Ethereum and Solana longs. “He hasn’t cashed out yet, maybe hoping to squeeze more out of the rally,” EyeOnChain noted.
Interestingly, the same trader lost $4.74 million going long on ETH during the October 11 crash. Another address, 0xe9..43a5, played it safer, closing a Bitcoin long with a $265,000 profit but taking a minor hit on an Aster trade.
Liquidations and market fallout
On Friday, most long traders were wiped out between $110,000 and $114,000 as high leverage made losses worse. On the flip side, short sellers began feeling the heat above $116,000, putting those betting on a further drop at risk.
Additionally, data from Coinalyze shows Bitcoin tumbled from $118,000 to $105,000 on October 11 before settling around $115,400. Open interest also fell from $35 billion to $32 billion, showing that many overleveraged traders were wiped out. As a result, the shakeout helped cool things down and brought some stability back to the market.
The Hyperliquid whale’s sharp timing and huge profits show how wild crypto price swings can create big chances to win, but also raise doubts about what’s really happening behind the scenes.
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