According to on‑chain analytics platform Lookonchain, a major Bitcoin whale known as “BitcoinOG (1011short)” has continued to offload holdings following the October 11 market sell‑off, transferring a total of 5,252 BTC — valued at roughly $588 million USD — to exchanges including Binance, Coinbase, and Hyperliquid.According to on‑chain analytics platform Lookonchain, a major Bitcoin whale known as “BitcoinOG (1011short)” has continued to offload holdings following the October 11 market sell‑off, transferring a total of 5,252 BTC — valued at roughly $588 million USD — to exchanges including Binance, Coinbase, and Hyperliquid.
Whale “BitcoinOG (1011short)” Sells 5,252 BTC Worth $588 Million as Short Positions Surge
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According to on‑chain analytics platform Lookonchain, a major Bitcoin whale known as “BitcoinOG (1011short)” has continued to offload holdings following the October 11 market sell‑off, transferring a total of 5,252 BTC — valued at roughly $588 million USD — to exchanges including Binance, Coinbase, and Hyperliquid.
Data further indicates that the same address has expanded its short positions on the Hyperliquid derivatives platform to 2,100 BTC, worth about $228 million, suggesting a strongly bearish outlook on near‑term Bitcoin prices.
Analysts note that such coordinated sell‑side activity from large holders often adds to short‑term volatility and can trigger follow‑up liquidations in the derivatives market. This month’s decline in Bitcoin’s price from $122,000 to around $110,000 has already intensified market caution.
While the whale’s exact motives remain unclear, observers speculate the strategy could combine profit‑taking from earlier gains with leveraged downside bets. Lookonchain said it will continue to monitor on‑chain movements for further trends affecting BTC liquidity and market sentiment.
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