Overview
- Arkham data shows the whale built a $234 million BTC short on Hyperliquid with a stated liquidation level near $123,000.
- Bitcoin traded around $108,000 to $109,000 after stalling near $114,000, where the recovery from the October 10 low lost momentum.
- The same trader previously profited about $200 million by shorting roughly 30 minutes before President Trump’s new China tariff announcement on October 10.
- That announcement coincided with a BTC plunge from about $122,000 to $104,000, compounded by China’s rare-earth export controls and technical issues at Binance that rattled tokens including Ethena’s USDe.
- No formal regulatory action has been reported, but Arkham’s on-chain disclosures have intensified scrutiny of leverage, timing, and liquidation risk across crypto markets.