Bitcoin News Today: Bitcoin OG Whale's Bearish Bet Challenges Uptober Optimism as Fed Cut Looms

The Bitcoin "OG" whale, a veteran market participant known for its long-term holdings and strategic trading, has executed a series of leveraged short positions on Bitcoin (BTC), Solana (SOL), and Ethereum (ETH), generating over $91 million in profits as of October 10, 2025. The whale's actions reflect a bearish outlook amid heightened volatility linked to expectations of a Federal Reserve rate cut later in the month.

The whale's most significant move involved a $604 million short position on BTC via Hyperliquid, leveraging 8x against an entry price of $120,761.6, with a liquidation threshold set at $133,760. Concurrently, the entity opened a $330 million short on ETH at a 12x leverage, with a liquidation price of $4,613. These positions were bolstered by prior activity, including a $360 million BTC transfer and a $35,991 BTC sale to ETH diversification in August. By October 11, the whale had closed most positions, securing $160 million in profits and retaining a $92.15 million exposure through 821.6 BTC shorts .

The whale's strategy aligns with broader market trends. On-chain data from CoinAnk indicates that 52% of BTC holders and 51% of ETH traders are short, signaling widespread anticipation of a correction. Analysts suggest the whale's moves could amplify downward pressure, though a price rebound above $133,760 for BTC or $4,613 for ETH would trigger liquidation risks. The whale's actions also coincide with a shift in institutional sentiment, as U.S. spot Ethereum ETFs recorded $8.54 million in net outflows on October 9, contrasting with Bitcoin's $198 million inflows $11B OG Bitcoin whale bets on BTC, ETH correction with $900 …^[2].

Market dynamics remain mixed. While BTC briefly dipped below $120,000, it recovered to $121,943, with annualized perpetual funding rates at 5%, indicating residual bullish bias. However, the whale's aggressive shorting underscores skepticism about the "Uptober" narrative, a period historically marked by crypto price surges. Polymarket data shows a 91% probability of a 25-basis-point Fed rate cut at the October 28-29 meeting, adding to speculative volatility $11B OG Bitcoin whale bets on BTC, ETH correction with $900 …^[2].

The whale's profitability highlights the risks and rewards of leveraged trading. A separate analysis noted a $78.56 million profit from a $1.1 billion short position within 17 hours, though such gains come with amplified exposure to market swings . Meanwhile, broader short liquidations reached $1.01 billion in a 24-hour period, affecting 237,000 traders as BTC hit a record $118,000 .

Despite the bearish bets, long-term holders (LTHs) have reduced their BTC holdings by 250,000 since July, while short-term holders (STHs) now control 18% of the circulating supply, down from prior peaks. This suggests a gradual decline in speculative fervor, with STHs historically driving price tops before corrections .