Bitcoin OG Opens $330M ETH Short, Expands $438M BTC Position

A major crypto whale known as the Bitcoin OG has once again made waves in the market. According to on-chain data shared by Lookonchain, the trader opened a massive $330 million short position on Ethereum. While also expanding his Bitcoin short exposure to $438 million on the decentralized derivatives exchange Hyperliquid.

The Bitcoin OG deposited $30 million in USDC. Before opening a 12x leveraged short on 76,242 ETH with a liquidation price of $4,613.7. This move marks one of the largest leveraged ETH shorts seen this month. It comes just days after the trader offloaded 3,000 BTC worth $363.87 million.

From Bitcoin to Ethereum Shorts

The crypto whale, tracked by the on-chain analytics platform Hypurrscan. It executed several short positions within minutes. Transactions show dozens of entries under “HIP-2 ETH-USD,” each opened at around $4,330. The total exposure now sits at roughly $330 million. This signals a strong bearish stance on Ethereum short term price movement. This aggressive short comes after a series of trades that have captured the attention of market watchers. Over the past two months, the Bitcoin OG has shifted between Bitcoin and Ethereum holdings in billion-dollar moves. 

Previously, the same address sold 35,991 BTC (worth $4.43 billion) to acquire 886,371 ETH ($3.99 billion). This indicates a tactical rotation between the two leading cryptos. But with this new leveraged short. It appears the trader is betting against Ethereum near term rally. The liquidation threshold of $4,613.7 shows some confidence that ETH will stay below that level. But with leverage this high, even moderate price swings could trigger major volatility.

Expanding the Bitcoin Short

While Ethereum was the headline move, the Bitcoin OG didn’t stop there. Lookonchain also reported that the trader increased his Bitcoin short position to 3,600 BTC ($438 million). Despite sitting on an unrealized loss of $3.66 million, the whale continues to double down. This shows strong conviction in a possible price correction ahead. Just hours before this ETH short, the same entity deposited $80 million in USDC to Hyperliquid to open a 6x short on 3,477 BTC ($419 million). Additional $50 million in USDC was also sent to Binance. This is possibly to support further trading activity or hedge against existing positions.

A Pattern of Precision Moves

The Bitcoin OG trading activity is one of the most closely followed in the market. Due to the sheer scale of the transactions and timing precision. Since August, Lookonchain has documented a series of high value swaps. It started with the sale of nearly 36,000 BTC and the accumulation of ETH at a 0.0406 BTC/ETH ratio. Even after these trades, the whale reportedly holds 49,634 BTC across four wallets. A stash worth over $5.4 billion at current prices.

Market Watching Closely

The community is now closely monitoring these positions. Large whale shorts often influence market sentiment. Traders on centralized and decentralized exchanges are watching for potential liquidation cascades. If Ethereum or Bitcoin prices move sharply in either direction. The ripple effects could be significant. Whether this latest bet is a well timed play or an overleveraged gamble remains to be seen. But one thing is clear: when the Bitcoin OG moves, the entire market pays attention.