3,003 BTC transferred among active shorts

Whale 19D5 transfers over 3,000 BTC to Binance while holding a $140 million hyperliquid short.

Popular cryptocurrency whale “19D5” has seen a significant increase in on-chain activity over the past two days. The company, which famously sold off a large portion of its Bitcoin (BTC) holdings to accumulate Ethereum (ETH) earlier this year, also maintains an active short position in Hyperliquid.

This event once again sparked speculation about the possibility of access to privileged market information due to the timing of these trades.

moving spark speculation

Within 48 hours, the whale transferred more than 3,003 BTC, worth about $335 million, to Binance, an exchange frequently used for large-scale transactions. Additionally, 651 BTC was moved to Hyperliquid, and 19D5 continues to hold a short position estimated at $140 million.

I ended the day by transferring another 100 BTC to Kraken. Whale, who once held more than 100,000 BTC, currently holds about 39,000 BTC, worth about $4.25 billion. CryptoQuant noted that traders’ on-chain movements are unique and substantial, and often impact short-term markets.

“Her on-chain movements are very unique and often significant enough to influence short-term market trends, so she is always worth keeping an eye on.”

Another example shows short-term bearish sentiment towards BTC. This means there is potential for a drop or profit taking at current levels. According to Lookonchain, a smart trader called Wallet 0xdDc7 has just opened a large short position in Hyperliquid with an 80% win rate and a total profit of $8.7 million.

Within the past hour, a trader deposited 3 million USDC onto the platform and initiated a 40x leveraged short with a target of 291 BTC worth approximately $31.8 million. This trader has a track record of successfully placing high-risk trades on Hyperliquid, having completed 20 trades to date with consistently positive results.

Another smart trader 0xc2a3, who maintains a 100% win rate, has already closed his BTC short position and ended up with a profit of $826,000. Over the past 11 days, this trader has made a total profit of over $12 million.

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As short-term sentiment turns bearish at a macro level, VanEck’s research team believes the recent pullback is a natural part of Bitcoin’s broader growth cycle. According to VanEck analysts Nathan Frankowitz and Matthew Siegel, October’s crypto decline does not represent the beginning of a bear market, but rather a “mid-cycle liquidity reset.” According to the report, leverage has normalized, on-chain activity is increasing, and Bitcoin remains 14% below its all-time high.

They also highlighted that global M2 growth explains more than half of BTC’s price fluctuations, as M2 supply has increased by 6.8% since the beginning of 2025. Additionally, 73% of Bitcoin price movements since October 2020 are related to futures open interest movements, while blockchain returns are highly correlated with token prices.