Bitcoin is seeing a modest rebound after several days of intense selling pressure and fear throughout the market. The leading cryptocurrency is struggling to establish stable support, with volatile volatility making it difficult for traders to navigate. Despite the uncertainty, some market participants continue to move strategically — and one of the most famous whales just made a big return.
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The trader known as BitcoinOG (1011short) — who gained fame for earning more than $197 million during last week’s flash crash — is back in action. On-chain data shows that he deposited $30 million in USDC with Hyperliquid and opened a 10x short position on 700 BTC, worth approximately $75.5 million.
The move caught the market’s attention, reigniting speculation about whether the whale is anticipating another Bitcoin pullback. As BTC attempts to recover above the $110,000 level, the existence of such a large short position highlights the continued bearish sentiment and lack of conviction among traders. Right now, the bulls are struggling to stabilize price momentum, but with whales like 1011 back in the game, the volatility is likely far from over – and the market could be in for another sharp move soon.
Whale profits short as market tension rises
According to Lookonchain, the whale is currently known as BitcoinOG (1011short). He carries He made unrealized gains of approximately $880,000, or approximately 11%, on his last open short position of $75.5 million in Hyperliquid. The trade, which was made during Bitcoin’s recovery phase, quickly gained momentum as BTC struggles to maintain momentum above the $111,000 level. The move sparked concern among investors and traders alike, with many seeing it as a potential warning sign that the big players may be bracing for renewed downward pressure.
However, analysts warn that this may not tell the whole story. While the address 1011short has gained a reputation for accuracy — notably taking in $197 million during the October 10 flash crash — the transparency of on-chain data has limits. It is unclear how many positions this whale currently holds across other exchanges or what the exact strategy is behind his trades. As such, reading its moves as a simple bearish bet could be an oversimplification.
The next few days will be crucial for Bitcoin’s trajectory. If the whale decides to expand its short selling further, this could intensify the selling pressure and pull Bitcoin towards key support levels. Conversely, if the position closes or turns long, it may indicate a short-term market bottom. Either way, the setup signals increased volatility to come, as traders prepare for sharp price movements as the market digests this notable activity.
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Bitcoin holds weekly support, but resistance looms
Bitcoin is showing early signs of stabilization on the weekly chart, recovering from its October 10 low near $103,000 to trade around $111,200. The candle structure indicates that buyers are defending the 50-week moving average (blue line), which has served as reliable mid-cycle support throughout the current bullish phase.
However, the broader structure still shows Bitcoin consolidating below the $117,500 resistance level – a level that has repeatedly capped rallies since mid-2025. Until BTC breaks through this area with strong volume, the market remains confined to a sideways range, with traders cautioning their positions amid high volatility and uncertain macro conditions.
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Momentum indicators point to neutral to bearish sentiment, reflecting hesitation among the bulls after weeks of intense liquidation. However, the presence of higher lows on the weekly chart continues to support the long-term bullish structure, as long as Bitcoin price exceeds $106,000 – $107,000.
If the price can reclaim the $117,500 level and close above it, a path could open towards $125,000-$130,000, in line with pockets of liquidity from previous peaks. Conversely, a weekly close below $106,000 would turn the outlook bearish, indicating deeper corrections ahead.
Featured image from ChatGPT, chart from TradingView.com
The post The Bitcoin OG Is Back – Opens Massive Short After $30M USDC Deposit first appeared on Investorempires.com.
