A trader who earned $192 million by shorting the crypto market during its recent crash has entered a new bearish position. The trader, known as “0xb317,” took a massive $163 million short position on Bitcoin, once again using leveraged contracts. This move has attracted significant attention from the crypto community, especially after the trader’s previous success following a major market announcement. With the crypto market facing increasing volatility, the question of how much influence this trader has is gaining traction.
On Sunday, 0xb317 opened a new leveraged short position worth $163 million on Bitcoin. The position was taken on Hyperliquid, a decentralized derivatives exchange. At the time of the opening, Bitcoin was trading at approximately $115,000. With a 10x leverage, the trader currently holds a profit of around $3.5 million, but the position will be liquidated if the price of Bitcoin rises above $125,500.
This move follows a similar strategy used by the trader earlier in the week. The trader’s short positions have raised questions about market manipulation and insider knowledge due to the precise timing of the trades. The new position comes just days after a large-scale market crash, sparking further interest in the trader’s activities.
The trader’s previous success was tied to a well-timed short position opened just before a tariff announcement by former U.S. President Donald Trump. This event caused a significant market drop, and 0xb317 made $192 million in profit. The precise timing of these trades has led to speculation within the crypto community about the trader’s possible inside knowledge or advanced market strategies.
Some observers suggest that the trader may have triggered the market crash through leverage-based positions. The timing of the short positions on both Bitcoin and Ethereum, immediately before key events, adds fuel to the theories that 0xb317 is using expert knowledge of market movements to profit.
The continued success of this trader has sparked discussions about the lack of regulation in the crypto market. Industry experts argue that the unregulated nature of crypto trading can lead to practices like insider trading and market manipulation.
Researcher Janis Kluge from SWP Berlin commented on the situation, saying, “Crypto people are realizing today what it means to have unregulated markets: Insider trading, corruption, crime, and zero accountability.”
The concerns about unregulated markets have been heightened due to the increasing number of traders who have lost significant sums of money following the crash. Reports from HyperTracker show that over 250 wallets on Hyperliquid were affected, with many losing millionaire status. This situation has raised questions about the fairness and transparency of the crypto market, especially when large players can seemingly manipulate market outcomes.
Amid the market downturn, speculation also turned toward Binance, one of the largest cryptocurrency exchanges. Reports indicated that some traders on the platform experienced issues with order execution, leading to mass liquidations. The exchange, however, denied any involvement in causing the crash. Binance explained that there had been a “display issue” but stated that its core systems remained operational throughout the event.
Additionally, Binance offered compensation to traders whose assets were liquidated due to the depegging of certain tokens. The exchange emphasized that it did not cause the market downturn, pointing to the functioning of its trading systems during the event. Despite this, some traders continue to question whether the platform’s infrastructure played a role in exacerbating the market volatility.
The recent events highlight the risks and uncertainties in the cryptocurrency market, as well as the increasing role that large traders and platforms play in shaping market outcomes.
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