Whales Short the Market as Bulls and Bears Battle for Control

Core Insights - A significant number of traders, particularly whales, are betting on further losses in the crypto market following a major crash on October 10, with three Hyperliquid whales holding short positions worth over $130 million as of Tuesday morning [1] Group 1: Whale Activity - The address known as "BitcoinOG" opened $110 million in short positions on Bitcoin and Ether just hours before the market selloff, leading to a profit of $142 million [2] - BitcoinOG has since increased its short positions, adding another $66 million in BTC-USD shorts early Tuesday [2] - Other Hyperliquid whales are also shorting the market, with one address holding unrealized short positions on DOGE, ETH, XRP, and Aster worth over $94 million, and another trader with a $41 million short position on SOL [5] Group 2: Market Sentiment - Traders are divided on the future direction of the crypto market, with significant fluctuations in the ratio of long to short positions across major cryptocurrencies [6] - Some traders point to a mild recovery over the weekend and the largest recorded wave of liquidations as signs that Bitcoin remains within a long-term bullish channel, suggesting potential for market resilience [8]