The famous whale, who made a $160 million profit with a short position he opened for Bitcoin before the big drop on October 11, has stepped in again.
According to data from on-chain analytics platforms, the investor opened a new short position worth 1,100 BTC (approximately $122 million). However, this time, things didn’t go as planned; the whale is currently down around $1.33 million.
The initial position opened at $109,672 per BTC, according to the data. While the price of Bitcoin subsequently fell below $111,000, volatility in the position continues to increase due to the whale’s leveraged trading.
This investor, known on social media as the “insider whale,” had made substantial profits with trades he opened before the October 11th crash. However, this time, the investor appears to have gradually increased his position, starting from 700 BTC and increasing it to 1,100 BTC.
Over the past 24 hours, the whale opened an initial position of 700 BTC ($75.9 million) at $109,133, then increased it to 900 BTC ($99.5 million), then 1,000 BTC ($111 million), finally reaching 1,100 BTC ($122 million) at its current level.
The whale is known within the community as the “investor who scared the market” due to his previous successful moves. However, this time, the market didn’t move in the direction he expected, leading to speculation that the investor’s “insider advantage” may not have worked this time.
*This is not investment advice.