A popular crypto whale known as "19D5" has significantly increased its on-chain activity over the past two days. This entity, previously recognized for selling a substantial portion of its Bitcoin (BTC) holdings earlier this year to accumulate Ethereum (ETH), has also consistently maintained aggressive short positions on Hyperliquid. These actions have once again fueled speculation about the whale potentially having access to privileged market information, given the precise timing of these trades.
Whale's Moves Spark Market Speculation
Within a 48-hour period, the whale transferred over 3,003 BTC, valued at approximately $335 million, to Binance. Binance is an exchange commonly utilized for large-scale cryptocurrency transactions. Additionally, 651 BTC were moved to Hyperliquid, a platform where 19D5 continues to hold a short position estimated at $140 million. The whale concluded these activities with a further transfer of 100 BTC to Kraken. Historically, this whale held more than 100,000 BTC, but now retains roughly 39,000 BTC, which is currently valued at around $4.25 billion. CryptoQuant has noted that the trader's on-chain movements are both distinctive and substantial, often influencing short-term market dynamics.
“Her on-chain movements are quite unique and often significant enough to influence short-term market dynamics; it is therefore an entity to keep a close eye on.”
Further indicating a near-term bearish sentiment for BTC, which suggests a potential downward price movement or profit-taking at current levels, another smart trader has emerged. According to Lookonchain, a trader identified by wallet address 0xdDc7, who has an impressive 80% win rate and has accumulated $8.7 million in total profits, has just opened a major short position on Hyperliquid. In the past hour, this trader deposited 3 million USDC to the platform and initiated a short position with 40x leverage, valued at approximately $31.8 million, targeting 291 BTC. This trader possesses a proven track record of successful, high-risk trades on Hyperliquid, having completed 20 trades with consistently strong results.
In a separate development, another smart trader, identified as 0xc2a3, who has maintained a perfect 100% win rate, has successfully closed their BTC short position. This trader secured a profit of $826,000 from this trade. Over the last 11 days, this trader has amassed total profits exceeding $12 million.
VanEck's Optimistic Bitcoin Cycle Outlook
While short-term market sentiment appears bearish, on a macro level, VanEck's research team has characterized the recent pullback as a natural phase within Bitcoin's broader growth cycle. According to VanEck analysts Nathan Frankovitz and Matthew Sigel, the cryptocurrency's decline in October should be viewed as a "liquidity-driven mid-cycle reset" rather than the onset of a bear market. Their report indicated that leverage has normalized, on-chain activity is increasing, and Bitcoin is trading 14% below its all-time high.
The analysts also highlighted that global M2 growth accounts for over half of BTC's price variance, with M2 supply having increased by 6.8% since the beginning of 2025. Furthermore, 73% of Bitcoin's price variance since October 2020 is correlated with changes in futures open interest, and blockchain revenues demonstrate a strong correlation with token prices.