Bitcoin has made a small recovery after several days under intense pressure from the selling side and widespread fear. The market’s leading cryptocurrency is struggling to find a stable base, and the swings are making it hard for traders. Despite the uncertainty, some market participants continue to move strategically — and one of the most well-known whales has just made a big return.
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The trader known as BitcoinOG (1011short) — who gained fame for earning over $197 million during last week’s flash crash — is back in action. Data on the Hyperliquid blockchain shows that BitcoinOG (1011short) has opened a 10-fold short position of 700 BTC worth approximately $75.5million.
It has sparked speculation as to whether this whale expects Bitcoin’s price to continue falling. BTC has been trying to recover over the $110,000 barrier, and the existence of a huge short position highlights the lingering sentiment of bears. traders. For now, bulls are fighting to stabilize price momentum, but with whales like 1011short back in the game, volatility is likely far from over — and the market may be in for another sharp move soon.
Whale’s Short on Profits as Market Tension Increases
Lookonchain claims that BitcoinOG (1011short), the whale that is known by its short name, currently occupies approximately a quarter of all bitcoins. holds Unrealized profits of approximately $880,000 or 11% on the latest short position opened by Hyperliquid for $75.5 million. The short position, which was opened during Bitcoin’s rebound, quickly gained popularity as BTC struggled to maintain momentum above the level of $111,000 The move has caused unrest among traders and investors alike. Many see this as a warning that large players could be preparing for new downside pressure.
Analysts warn, however, that the data may not be complete. While the 1011short address has earned a reputation for precision — notably pocketing $197 million during the October 10 flash crash — the transparency of on-chain data has limits. There is no way to know how many trades this whale has made on different exchanges. To read this as just a bearish trade could be oversimplifying.
Bitcoin will have to make a decision in the coming days. It is possible that if the whale scales his short even further, this could increase selling pressure on BTC and push it towards important support levels. In the other case, closing out or switching to long positions could signal a near-term bottom. In either case, this setup indicates heightened volatility in the future, as traders prepare for price fluctuations that are likely to be sharp, especially after the market has digested the recent high-profile event.
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Bitcoin’s weekly support is strong, but resistance is looming
Bitcoin has begun to show signs of stabilization in the weekly chart. After a flash crash on October 10, Bitcoin’s price is now trading at about $111,200. The candle pattern suggests that the buyers are protecting the 50-week average (blueline), which has been a reliable midcycle support during the current bull phase.
However, the broader structure still shows Bitcoin consolidating below the $117,500 resistance — a level that has repeatedly capped rallies since mid-2025. BTC will remain in the sideways range until it breaks through this resistance zone. This is due to high volatility, and traders are cautiously positioning themselves amid uncertain macro-conditions.
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After weeks of high liquidations, momentum indicators indicate a neutral to bearish mood. Yet, the presence of higher lows on the weekly chart continues to support the long-term bullish structure, as long as BTC holds above $106,000–$107,000.
If price manages to reclaim and close above $117,500, the path could open toward $125,000–$130,000, aligning with liquidity pockets from previous tops. A weekly close under $106,000 will shift the view to bearish and suggest deeper corrections.
Charts from TradingView.com and ChatGPT.
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Source: www.newsbtc.com
