The operation of 5,603 BTCs in two weeks! The operation of 1011 giant whales has made the entire currency circle sit still.

Nakamoto 2025-10-27 13:22 90953人围观 BTC

The Bitcoin market is experiencing an unprecedented storm. While everyone was still discussing the mysterious plunge on October 11, even more shocking data surfaced - a certain whale sold 5,603 BTC in just two weeks, worth more than $600 million! This wave of operations not only caught the market off guard, but also raised numerous suspicions about market manipulation and insider trading.

The precise sniper behind the 1011 plunge

The night of October 11th is destined to be recorded in the history of cryptocurrency. Just 30 minutes before Trump tweeted his tariff policy, a mysterious account established a huge short position on the Hyperliquid platform. After the market crashed, this "prophet" made a profit of US$200 million in 24 hours.

But what is even more chilling is the data on the chain - this giant whale established a short position of US$1.1 billion before the plunge, and the timing was accurate to the minute. Such perfect market predictions go beyond luck and trigger heated discussions about insider information.

"This was not a deal at all, but a well-planned massacre. "An anonymous analyst commented. Market participants have begun to question that in the so-called decentralized cryptocurrency world, information asymmetry may be more serious than in traditional financial markets.

5,603 BTC selling tsunami

If the 1011 plunge was a blitz, then the sell-off in the following two weeks was a protracted war. On-chain data shows that a certain whale address sold 5,603 BTC continuously within 14 days, setting a record for the largest single-day selling since the LUNA crash in 2022.

A sell-off of this magnitude is not something ordinary investors can do. At current prices, these BTC are worth more than $600 million, enough to crush market liquidity in a short period of time. What’s even more frightening is that this is only publicly available on-chain data, and the actual scale of the sell-off may be larger.

"When the giant whale takes action, the little fish can only pray. "one trader said with a wry smile. Market sentiment deteriorated rapidly, and Bitcoin prices once fell below key support levels, triggering a chain reaction.

Who controls the Bitcoin market?

All clues point to a disturbing question: Who is behind all this? On-chain sleuths tracked down a figure named Garrett Jin, the former CEO of BitForex, the exchange that was shut down following a scandal involving fake trading volumes.

But the evidence remains murky. A more likely explanation is that a group of experienced hedge funds and institutional investors are taking advantage of the immaturity of the cryptocurrency market for arbitrage purposes. They have information advantages, technological advantages and financial advantages that ordinary investors can hardly compete with.

It is worth noting that loopholes in the Binance exchange’s pricing mechanism may be exploited. The exchange, which uses an internal order book rather than an external oracle for pricing, announced it would fix the issue on October 6, and the crash occurred within this eight-day window.

How can Xiao San survive this storm?

Faced with the crazy selling and market manipulation of giant whales, ordinary investors need to be extra cautious:

Don’t blindly chase shorts – whales may be planning reverse operations. Strictly control positions – market volatility rises sharply. Pay attention to on-chain data – whales’ movements are often traceable. Stay away from high leverage – the risk of liquidation is extremely high in extreme market conditions.

A senior trader advised: "When you are unsure, the best strategy is to wait and see. Let the giant whales fight each other and wait until the smoke clears before entering. "

The Bitcoin market is going through growing pains. With the influx of institutional funds, the problems of market manipulation and insider trading have become increasingly prominent. This 5,603 BTC selling storm may be just a prelude to greater turmoil.

The only thing that is certain is that the cryptocurrency market will never be boring - yesterday it was Trump's tweet that triggered the plunge, what black swan will appear tomorrow? In this crazy market that operates 24 hours a day, the only constant is change itself.