A major player in the crypto derivatives market, known as the whale trader (0xb317), has once again opened substantial short positions, this time holding a $163 million leveraged perpetual contract to short Bitcoin (BTC) on a recent Sunday. This trade follows a prior $192 million profit made shortly before an announcement by Trump that disrupted the market.

“Insider Whale” Allegations

The whale’s timing has raised eyebrows, leading some to label it an “insider whale” due to the strategic nature of its trades right before significant market movements. Observations suggest that this trader may have caused a liquidity crisis that impacted crypto markets heavily last weekend.

“The crazy part is that he shorted another nine figures worth of BTC and ETH minutes before the cascade happened,” MLM stated, expressing concern over potential insider dealings.

Reports from HyperTracker indicated that over 250 wallets lost their million-dollar rankings since the market downturn that coincided with the whale’s trades.

Market Reaction and Binance’s Position

Amid these events, Binance denied any involvement in the market turmoil, attributing reported crashes to a display issue rather than an actual collapse. While they confirmed operational systems remained intact, they also noted a commitment to compensating traders who faced liquidation.

Despite the negative sentiments, Binance’s BNB token has shown resilience, increasing significantly within 24 hours.

Closing Thoughts

The ongoing volatility raises concerns about unregulated market practices, leaving many in the community wary as they navigate these unpredictable times.

For further details, refer to the complete report on the incident.