Bitcoin News Today: Bitcoin Whale's Bearish Shorts Collide with ETF-Driven Bullish Surge

A $11 billion Bitcoin whale has opened nearly $900 million in leveraged short positions against Bitcoin and Ethereum, signaling a bearish outlook amid a broader market correction. The whale, identified as the "Hyperunit-BTC-Whale," transferred $363.9 million in BTC to Hyperunit-a trading and custody platform-reigniting speculation of a rotation into Ethereum. This move follows a prior instance in 2025 when the same wallet converted $5 billion in BTC to ETH, coinciding with an 8% short-term price surge for Ethereum before a subsequent pullback Bitcoin whale $363.9 million transfer to Hyperunit may …^[3].

The whale's current short positions include a $600 million 8x leveraged BTC short with a liquidation threshold at $133,760 and a $330 million 12x leveraged ETH short at a liquidation price of $4,613 . These bets imply the whale anticipates a decline in both assets, though their validity hinges on Bitcoin's ability to hold above $118,000, a key support level identified in options expiry data .

The market's recent volatility has led to significant liquidations. Over $941 million in crypto futures positions were liquidated in a single day, with long positions accounting for $830 million of the losses. Bitcoin and Ethereum faced $270 million and $320 million in liquidations, respectively, as a flash crash pushed BTC below $110,000 and erased gains from early July $900M Liquidations Hit Bitcoin, Ethereum & Alts After Massive …^[1]. The sell-off was triggered by a $2.7 billion BTC whale dump and sustained ETF outflows, compounding pressure on the market $900M Liquidations Hit Bitcoin, Ethereum & Alts After Massive …^[1].

Ethereum's price action has also drawn attention. Whale accumulation of ETH has accelerated in Q3 2025, with on-chain data showing a steady increase in large wallet holdings Bitcoin whale $363.9 million transfer to Hyperunit may …^[3]. Ethereum's TVL remains above $10 billion, supported by DeFi growth and institutional adoption. However, the token has faced a 4.4% decline to $4,479, with a neutral RSI of 54.07 indicating mixed momentum $10B Bitcoin whale moves $360M in BTC, fuels ETH …^[2].

The broader market context reveals a tug-of-war between bullish and bearish forces. Bitcoin's RSI at 61.1 suggests cooling momentum, while ETF inflows-particularly in Ethereum-continue to attract institutional capital. Ethereum ETFs recorded $421 million in inflows on October 8, with cumulative assets surpassing $30 billion . Conversely, Bitcoin's futures open interest dipped to $90.17 billion, signaling potential profit-taking and reduced long-term confidence .

Analysts remain divided on the near-term outlook. Ryan Lee of Bitget views the current pullback as a healthy correction, with Bitcoin potentially stabilizing at $121,000 before attempting a breakout toward $135,000 . Meanwhile, Austin King of Nomina expects Q4 to be a pivotal period for crypto, as investors increasingly adopt Bitcoin as a hedge against global instability .

The market's next major catalyst is the $5.6 billion Bitcoin and Ethereum options expiry on October 9, which could amplify volatility. Deribit data shows Bitcoin traders are split between $110,000 puts and $120,000 calls, while Ethereum's put-to-call ratio of 0.90 suggests a more bullish stance . If Bitcoin fails to hold above $118,000 or Ethereum drops below $4,400, a sharp correction could follow.

The whale-driven bearish sentiment contrasts with recent institutional bullishness, including Samsung's Ethereum staking integration and Grayscale's $150 million ETH staking ETF debut $11B Bitcoin whale bets on BTC, ETH correction with $900M shorts^[4]. However, the market's resilience-evidenced by Bitcoin's rebound to $124,400 and Ethereum's $4,580 level-indicates that buyers remain active, particularly at key support zones.