In a twist that’s got the crypto world buzzing, a shadowy whale trader known as 0xb317 has opened a massive $163 million short position on Bitcoin via Hyperliquid, just days after pocketing $192 million from a perfectly timed bet against the market. This 10x leveraged perpetual contract, placed on Sunday, is already up $3.5 million in profits but faces liquidation if BTC climbs to $125,500. The timing? Suspiciously spot-on, right before Trump’s tariff bombshell tanked prices, fueling accusations of insider trading and market manipulation.
The “Insider Whale” Phenomenon
The crypto community is ablaze with theories labeling this entity an “insider whale” for its eerie prescience. Opening shorts mere minutes before major announcements isn’t just lucky—it’s raising eyebrows. Observer “MLM” pointed out the whale’s nine-figure shorts on BTC and ETH just before a weekend cascade, suggesting this player might have triggered a leverage flush that wiped out markets. “I’m pretty sure this guy played a huge role in what happened,” MLM tweeted, hinting at unseen moves on centralized exchanges (CEXs) too. Meanwhile, over 250 wallets on Hyperliquid lost their millionaire status since Friday’s crash, per HyperTracker.
Binance in the Crosshairs – Or Not?
Rumors swirled that Binance fueled the meltdown with order book failures, unexecuted stop-losses, and tokens like USDE, BNSOL, and WBETH depegging or crashing to zero. Traders faced mass liquidations amid the chaos. But Binance clapped back on Sunday, calling it a mere “display issue” and insisting their core engines stayed operational. They denied causing the crash but ponied up $283 million in compensation for affected collateral holders. Interestingly, Binance’s native token BNB rebounded 14% in 24 hours, crossing $1,300 again—talk about resilience.
Bullish Counterplays and Broader Warnings
Not everyone’s betting against the tide: Another trader went all-in with a 40x leveraged $11 million Bitcoin long. Yet, the saga underscores crypto’s wild west vibe. SWP Berlin researcher Janis Kluge summed it up: “Crypto people are realizing today what it means to have unregulated markets: Insider trading, corruption, crime, and zero accountability.” As funding rates hit three-year lows—a potentially bullish sign per related reports—the debate rages on whether this whale is a genius, a crook, or both.