BitcoinOG Whale Cashes Out Millions After Market Crash
A large trader known as “BitcoinOG” has cashed out millions following last Friday’s market crash. According to Lookonchain, the trader deposited 100 Bitcoin (BTC), worth $11.48 million, to Kraken exchange just hours ago. Earlier, BitcoinOG shorted Bitcoin and Ethereum (ETH) before the crash, gaining over $160 million in unrealized profits.
Big Traders Show Mixed Results After Crash
Lookonchain reported that BitcoinOG increased his Bitcoin short position to 1,423 BTC, valued at about $161 million, as the market began to recover. This highlights the trader’s confidence and strategic risk management during volatile market swings.
Other large traders had varied outcomes. EyeOnChain noted one address, 0x72..AD88, holds over $1.55 million in floating profits from Ethereum and Solana longs. This trader has not cashed out yet, possibly aiming to benefit more from the rally.
However, the same trader lost $4.74 million on an ETH long during the October 11 crash. Another address, 0xe9..43a5, closed a Bitcoin long with a $265,000 profit but took a small loss on an Aster trade.
Market Liquidations and Impact
- On Friday, many long traders were liquidated between $110,000 and $114,000 due to high leverage.
- Short sellers faced pressure above $116,000, risking losses on bets for further price drops.
- Bitcoin’s price fell from $118,000 to $105,000 on October 11, then stabilized near $115,400.
- Open interest dropped from $35 billion to $32 billion, indicating many overleveraged traders were wiped out.
This shakeout helped cool the market and restored some stability. The Hyperliquid whale’s timing and profits illustrate how volatile crypto markets create large opportunities, while raising questions about market dynamics.
Source: Coinalyze
