Bitcoin’s BTC$108,532.28 Prices have rebounded strongly since the October 10 crash, but not everyone is convinced.
One notable skeptic is Bitcoin OG, who made $200 million shorting BTC ahead of the October 10 crash that was allegedly caused by President Donald Trump’s announcement of tariffs on China.
On Tuesday, the whale placed a new bearish bet, rapidly increasing its short position in BTC to $234 million via decentralized exchange HyperLiquid, according to Arcam data. The liquidation price for this short is $123,000, at which price the position faces a margin call and is forced to close by the exchange.
The new short positions emerged as Bitcoin’s price rally from an October 10 low of around $104,000 stalled at around $114,000 on Tuesday. Since then, the cryptocurrency has fallen to $108,500, according to CoinDesk data.
What happened on October 10th?
Prices plummeted from about $122,000 to $104,000 on Oct. 10, with most of the losses occurring later in the day after President Trump announced 100% tariffs on Chinese goods on top of existing 30% tariffs.
This announcement comes in response to China’s move to tighten export controls on rare earths, pushing down risk assets. BTC’s decline was intensified by technical issues at Binance, causing volatility in major tokens such as Etena’s synthetic dollar USDe.
Interestingly, BTC whales opened a large short position approximately 30 minutes before President Trump’s tariff announcement. The price crash that followed resulted in huge profits for traders and sparked suspicions of insider trading.