In the ever-volatile world of cryptocurrency trading, big players often make moves that capture the community's attention. Recently, a well-known Bitcoin trader—dubbed the "Bitcoin OG" by on-chain analysts—has been aggressively building a massive short position on BTC. According to a tweet from Onchain Lens (view the tweet), this trader has increased their short to a staggering 2,000 BTC, valued at approximately $226 million, using 10x leverage on the HyperLiquid platform.

For those new to the lingo, a short position is essentially a bet that the price of an asset will go down. By using leverage (in this case, 10x), the trader amplifies potential gains—or losses—based on borrowed funds. HyperLiquid is a decentralized perpetual futures exchange where such high-stakes trades happen on-chain, meaning everything is transparent and verifiable on the blockchain.

This latest update shows the position with a floating loss of about $3.4 million at the time of the tweet, with an average entry price around $111,134 and a liquidation price at $123,959. Liquidation happens if the price rises too much, forcing the position to close automatically to cover losses. The trader's wallet address is 0xb317d2bc2d3d2df5fa441b5bae0ab9d8b07283ae, as shared in the post.

Building on Previous Moves

This isn't the first time this Bitcoin OG has made headlines. Just a day earlier, Onchain Lens reported the position at 900 BTC, worth $99.6 million, with a smaller loss. The entry price was $109,521, and liquidation at $141,072. Data credits go to Hyperbot AI for tracking these on-chain activities.

Looking further back, this trader has a history of bold shorts. For instance, on October 19, they deposited $30 million USDC into HyperLiquid and opened a 700 BTC short at $109,133 entry, with liquidation at $150,080. Even earlier, they've closed positions with massive profits—like $92.67 million in one instance and over $185 million in another after market dumps.

The pattern suggests this OG is experienced in timing market downturns, often reshoring after closures. They've also diversified, shorting ETH at times and moving funds between wallets. On-chain tools like Hypurrscan and Arkham Intelligence have been key in tracking these movements.

Latest Update: Position Closed?

As of the latest check on Hyperbot, this specific wallet shows no open perpetual positions, with a one-week PnL of +$7.16 million. This implies the short may have been closed shortly after the tweet, possibly turning the floating loss into a profit if BTC's price dipped. On October 21, 2025, BTC prices fluctuated wildly, peaking above $113,000 before dropping toward $107,000, which could have provided an exit window for gains.

This volatility underscores the risks of leveraged trading—huge rewards if right, but potential wipeouts if wrong.

Implications for the Crypto Market

Moves like this can signal broader sentiment. With BTC hovering around six figures in late 2025, a whale betting against it might hint at expected corrections. For meme token enthusiasts, this is worth watching since many altcoins and memes follow BTC's lead. A BTC dip could drag down the likes of DOGE, SHIB, or emerging memes, creating buying opportunities or cautionary tales.

If you're diving into meme tokens or broader crypto, keeping an eye on whale activities via on-chain data is crucial. Tools like Hyperbot and Onchain Lens make it easier to stay informed without needing a PhD in blockchain forensics.

Stay tuned for more updates—crypto never sleeps! If this trader reopens another position, it could be another rollercoaster ride.