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A crypto whale who managed to pocket millions with what was a perfectly timed short ahead of the recent crypto flash crash has opened another bet against the market with 10X leverage.
According to data from Hypurrscan, a whale trader with the address “0xb317” on the decentralized derivatives exchange Hyperliquid has opened a $163 million leveraged perpetual contract to short Bitcoin.
Since opening the position, the trader has achieved an unrealized profit of more than $3 million.
The trader entered the trade when Bitcoin was trading at $117,369.7, and the liquidation price for the position is $123,520.
Since that trade was opened, BTC’s price has fallen to $115,255.36 as of 4:49 a.m. EST. While this is a 3% gain from where the leading crypto traded at 24 hours ago, it is still a more than 6% drop over the past week.
BTC price (Source: CoinMarketCap)
Whale Attracted Attention After Opening A Short Minutes Before The Crypto Flash Crash
The same whale trader attracted attention in the crypto market after opening a short position just 30 minutes before tariff threats from US President Donald Trump sent a shockwave through the markets. This resulted in what some have called the biggest liquidation event in crypto’s history, as more than $20 billion was wiped out from trades within hours.
During that collapse, more than 250 wallets lost millionaire status on Hyperliquid as well.
Over 250 wallets lost millionaire status on Hyperliquid since Fridays crash
Source: https://t.co/DoJt9p7oVn pic.twitter.com/9zlN3qI6TW
— HyperTracker (@CMMHyperTracker) October 12, 2025
With that strategic timing, the whale walked away with $192 million in profits after the markets tumbled.
As such, the entity has been labeled an “insider whale” by the crypto community given the coincidental timing before the major announcement.
Some in the crypto community have even theorized that the whale itself was the reason crypto prices plummeted.
“The crazy part is that he shorted another nine figures worth of BTC and ETH minutes before the cascade happened,” said markets observer MLM.
“And this was just publicly on Hyperliquid, imagine what he did on CEXs or elsewhere,” the observer said, before adding, “I’m pretty sure this guy played a huge role in what happened.”
Binance Also Blamed For Crypto Market Meltdown
The whale is not the only one suspected to have played a role in the recent crypto market crash, as some have also pointed fingers at Binance, the world’s largest crypto exchange, after its own order books and market maker reportedly failed.
There have also been complaints that stop-losses, a popular risk mitigation tool, were not triggered on the platform. Several tokens also either depegged or crashed completely to zero.
However, Binance has since issued an update to users, and claimed that there was not a crash but rather a “display issue.”
“We are aware of speculation in the market regarding the causes of this event, with some focusing on the role of the Binance platform,” the company said in a statement.
The exchange confirmed that during the event, its core futures and spot matching engines and API trading “remained operational.”
Binance then denied that the depegging of USDE, BNSOL, and WBETH caused the market crash. The exchange has also offered approximately $283 million in compensation to traders who were holding these assets as collateral and got liquidated.
BNB Sets A New All-Time High
After the statement from Binance, the exchange’s native BNB token saw its price soar, making it one of the best 24-hour performers in the market.
According to CoinMarketCap, BNB surged over 16% to start the week strong. The token was also able to recently achieve a new all-time high (ATH) of $1,370.55.
That gain was a continuation of what has been a bullish month for BNB. The crypto is also more than 138% in the green on the yearly time frame.
Pseudonymous analyst and trader “Altcoin Sherpa” recently commented on BNB’s performance, and told his 256.9K X followers that the altcoin is in an “insanely strong” position.
“All majors are bouncing a bit but BNB outperformance still confirms that BSC/BNB ecosystem is the place to play for now,” the analyst wrote.
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