A prominent cryptocurrency whale known as “19D5” has ramped up its transactions over the last two days. Previously, this trader sold off a large portion of their Bitcoin (BTC) holdings to invest in Ethereum (ETH). Currently, they maintain significant short positions on Hyperliquid.

This recent activity has reignited speculation about whether this player has insider information influencing the timing of their trades.

Transactions Raise Eyebrows

Within a mere 48 hours, the whale transferred more than 3,003 BTC, which equates to about $335 million, to Binance, a favored exchange for significant transactions. Additionally, 651 BTC were sent to Hyperliquid, where 19D5 retains a short position estimated at $140 million. The day wrapped up with a transfer of 100 BTC to Kraken. Originally, this whale held over 100,000 BTC, but now possesses around 39,000 BTC, valued at approximately $4.25 billion. CryptoQuant has observed these transactions as both notable and influential on the short-term market.

“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.”

Another scenario points towards a bearish sentiment for BTC, suggesting a potential drop in the price or the likelihood of profit-taking. According to Lookonchain, a savvy trader branded as wallet 0xdDc7, who has an impressive 80% success rate and has made a total of $8.7 million in profit, has recently established a major short position on Hyperliquid.

Just within the last hour, this trader deposited 3 million USDC into the platform and initiated a 40x leveraged short worth around $31.8 million, targeting 291 BTC. This individual holds an established record of accomplishing successful high-risk trades on Hyperliquid with 20 trades yielding consistent results.

Additionally, another skilled trader, 0xc2a3, known for a perfect win rate, recently closed their BTC short position and pocketed an $826,000 profit. In just 11 days, this trader has accrued over $12 million in total earnings.

VanEck’s Positive Outlook on Bitcoin’s Cycle

As short-term sentiments shift towards bearishness, VanEck’s research team has characterized the recent downturn as part of Bitcoin’s larger growth cycle. Analysts Nathan Frankovitz and Matthew Sigel described October’s decline as a liquidity-driven mid-cycle reset rather than the commencement of a bear market. Their report highlights that leverage has returned to normal levels, on-chain activities are increasing, with Bitcoin priced 14% below its all-time record.

They further noted that global M2 growth influences more than half of BTC’s price movement, with M2 increasing by 6.8% since the start of 2025. Furthermore, it was found that 73% of Bitcoin’s price variance since October 2020 correlates with changes in futures open interest, while revenues from blockchain significantly affect token prices.