
Bitcoin’s price has made a strong recovery since the October 10 crash, but not everyone is convinced. One notable skeptic is a Bitcoin OG who earned $200 million by shorting BTC ahead of the October 10 sell-off, which was reportedly sparked by President Donald Trump’s aggressive tariff announcement on China. On Tuesday, the whale placed a new bearish bet, swiftly increasing it to a $234 million short position on BTC via the decentralized exchange Hyperliquid, according to data from Arkham. The liquidation price for this short is $123,000, the price point at which the position will face a margin call and be forcibly closed by the exchange. The new short position emerged as BTC’s price rally from the Oct. 10 low of about $104,000 stalled near $114,000 on Tuesday. Since then, the cryptocurrency has pulled back to $108,500, according to CoinDesk data.