In the turbulent waters of the cryptocurrency market, every move made by the whales pulls at the heartstrings of countless investors. The market in October was particularly unsettled, with three highly watched crypto whales—"100% Win Rate Whale," "Maji Brother," and "10.11 Insider Whale"—each showcasing vastly different operational strategies, creating both wealth myths and tragedies. This article will comprehensively outline the operational trajectories, profit and loss situations, and market impacts of these three whales in October.
1. 100% Win Rate Whale: Continuation of Myth or Burst of Bubble?
Operational Trajectory and Profit and Loss Situation
The whale labeled by the market as "100% Win Rate" (address 0xc2a…5f2) continued its precise operations in October but inevitably faced the test of market volatility.
● In mid-October, this whale began large-scale operations, flexibly switching between long and short positions in BTC. On October 22, he closed all long positions, making a profit of $6.04 million; then on October 24, he again closed all long positions, earning $1.774 million.
● From October 26 to 28, this whale continued to increase his positions, with total long positions nearing $300 million, and on October 28, he added 41.68 BTC, bringing the total position value to $237 million.
● On October 29, this whale made a key strategic adjustment, closing his 13x leveraged BTC long position, earning $1.4 million. At the same time, he reduced his 15,000 ETH long positions in six transactions, realizing a profit of about $415,000.
100% Win Rate Whale (address: 0xc2a…)
| Time | Currency | Operation | Profit and Loss | |---------------|----------|------------------------------------------------|-------------------------| | Mid-October | BTC | Started large operations, frequently switching | Profit | | October 22 | BTC/ETH | Closed all long positions | Profit $6.04 million | | October 24 | BTC/ETH | Closed all long positions | Profit $1.774 million | | October 26 | BTC/ETH | Continued to increase positions, total long nearing $300 million | - | | October 27 | ETH | Increased position by 1,242 ETH | - | | October 27 | ETH | Increased position by 949 ETH | - | | October 28 | BTC | Increased position by 41.68 BTC | - | | October 29 | BTC | Closed 13x leveraged long position | Profit $1.4 million | | October 29 | ETH | Reduced 15,000 long positions in six transactions | Realized profit $415,000 |
Current Positions (as of October 29)
| Currency | Position Type | Value | Unrealized Profit/Loss | |----------|-----------------------------------|---------------|------------------------| | ETH | Holding 10x leveraged long position | $72.62 million | Unrealized profit $625,000 | | SOL | Holding 10x leveraged long position | $74.19 million | Unrealized loss $1.71 million |
Source: Ai Yi (@@ai_9684xtpa), compiled by AiCoin
Current Position and Risk Exposure
As of October 29, the position situation of this whale is as follows:
● ETH Long Position (10x leverage): Value $72.62 million, unrealized profit $625,000
● SOL Long Position (10x leverage): Value $74.19 million, unrealized loss $681,000
It is noteworthy that although the BTC long positions have been closed, this whale shows a different attitude towards altcoin positions. The ETH long position, despite a pullback from its peak, remains profitable; the SOL long position, despite an unrealized loss of $681,000, is still retained. This "selective adherence" reflects a differentiated investment logic towards different types of digital assets.
Chain Reaction and Market Impact
The whale's position adjustments triggered a chain reaction in the market. On one hand, many retail investors following the whale found themselves in trouble. On-chain analyst @ai_9684xtpa monitored that a trader following this whale closed their position within less than 24 hours, incurring a total loss of $1.061 million. On the other hand, there were "counterparty" addresses targeting the whale's operations, achieving unrealized profits of up to $2.68 million through precise short selling during the same period.
2. Maji Brother: The Painful Lesson of High-Leverage Strategy
Massive Loss Journey
The well-known crypto investor "Maji Brother" (Huang Licheng) experienced a Waterloo in October, as his high-leverage long positions faced significant setbacks.
● In the early hours of October 10, Maji Brother closed all long positions in XPL, PUMP, and ASTER, incurring a total loss of $21.53 million. Hours later, he reopened a 5x long position in XPL on Hyperliquid, with an initial position of 500,000 coins, valued at about $375,000, and then increased it to 2.5 million coins ($1.83 million), while also opening a 3x long position in ASTER (500,000 coins, about $795,000).
● On the morning of October 11, his ETH long position was forcibly liquidated, resulting in a loss of about $12.16 million in just two hours, bringing his total monthly losses to $29.92 million, mainly concentrated in XPL and ETH long positions. After closing his positions, he immediately increased his positions again, opening a 25x long position in ETH (2,000 coins, valued at $7.63 million) and a 10x long position in HYPE (60,000 coins, valued at $2.33 million), both positions were in unrealized loss.
Account Assets Significantly Shrink
● According to on-chain analyst Ai Yi (@ai_9684ptpa), as of October 15, Maji Brother's account had accumulated losses of $53.62 million over 30 days (on September 19, his account was still profitable by $44 million).
● On October 16, Maji Brother faced a series of liquidations, reducing his position by 1,590 ETH within 11 hours, incurring a loss of $246,000, leaving only 585 ETH ($233,000). His account balance dropped to $32,800, with cumulative losses shifting from a peak profit of $43.64 million to a net loss of $13 million.
Strategy Adjustment and Recent Performance
● After the liquidation, Maji Brother changed his trading strategy. After incurring a loss of $12.56 million on October 11, he switched to small position openings, transferring a total of $1.85 million to Hyperliquid, with only $1.13 million remaining in his current address, which includes about $680,000 in unrealized profit from his ETH and HYPE long positions.
● On October 28, Maji Brother increased his position by 10,000 HYPE long positions, bringing his HYPE (10x leverage) long position to 60,000 coins, with a position size of $2.83 million, and an unrealized profit of $313,000 (+110%).
Maji Brother (address: 0x020c…5872)
| Time | Currency | Operation | Profit and Loss | |---------------|----------|------------------------------------------------|-------------------------| | October 28 | HYPE | Increased 10x leveraged long position by 10,000 coins | Unrealized profit $313,000 (updated total unrealized profit) | | October 30 | HYPE | Closed part of long positions | - | | October 30 | PUMP | Opened 10x leveraged long position | - |
Current Positions (as of October 30)
| Currency | Position Type | Unrealized Profit/Loss | |----------|-----------------------------------|------------------------| | ETH | Holding long position | Unrealized profit/loss to be calculated | | HYPE | Holding 10x leveraged long position | Unrealized profit/loss to be calculated | | PUMP | Holding 10x leveraged long position | Unrealized profit/loss to be calculated |
Source: Ai Yi (@@ai_9684xtpa), compiled by AiCoin
3. 10.11 Insider Whale: The Market Mystery of Precise Short Selling
Mysterious Short Selling Operations
● On October 11, the cryptocurrency market experienced its largest liquidation day in history, with a total liquidation amount of $19.133 billion, affecting 1.618 million people. In this crash, a whale profited significantly from precise short selling, drawing widespread market attention.
● On October 10, this whale began its "insider short selling performance." He first deposited $80 million into Hyperliquid, establishing a 3,477 BTC short position with 6x leverage; additionally, he deposited $50 million of USDC into Binance.
● Subsequently, he further increased his short position, raising the BTC short position to 3,600 coins, and targeted ETH for short selling, depositing $30 million into Hyperliquid to establish a 76,242 ETH short position with 12x leverage.
● On the evening of October 10, this whale continuously increased its short positions, which once reached around $1.1 billion, with the BTC short position valued at $752 million and the ETH short position valued at $353 million.
| Time | Currency | Operation | Profit and Loss | |---------------|----------|------------------------------------------------|-------------------------| | October 10 | BTC | Established a short position of 3,477 BTC on Hyperliquid before Trump's tariff policy announcement | - | | October 11 | BTC/ETH | Closed short positions after market crash | Profit of nearly $200 million | | October 20-21 | BTC | Shorted BTC with 10x leverage and increased positions, bringing total short position to 1,100 BTC | - | | October 23 | BTC | Large-scale closing of short positions, closed 2,100 BTC short positions on that day | Profit $644,000 | | October 26 | BTC | Deposited 200 BTC to Kraken exchange | - | | October 29 | BTC | Again deposited 200 BTC to Kraken exchange, valued at about $22.5 million | - |
Current Positions/Status (as of October 30)
| Currency | Position Type | Total Deposited Value | |----------|-----------------------------------|-----------------------| | BTC | Total deposited to exchanges in October: 11,271 BTC, total value exceeding $1.28 billion | - |
Source: Ai Yi (@@ai_9684xtpa), compiled by AiCoin
Massive Profits and Subsequent Moves
● As the market fell due to Trump initiating another tariff war, this whale turned its short positions from loss to profit. AiCoin data shows that the whale, which previously shorted BTC and ETH, withdrew $60 million USDC back to Arbitrum, realizing a profit of $72.33 million in the past 24 hours.
● On October 20-21, this whale took action again, shorting BTC with 10x leverage and continuing to increase positions, bringing the total short position to 1,100 BTC. On October 23, he closed a large number of short positions to realize profits, closing 2,100 BTC of short positions on that day, earning $644,000.
● On October 26 and 29, this whale deposited 200 BTC to Kraken exchange respectively. This marks his 11th transfer of assets to exchanges in October, with a cumulative deposit of 11,271 BTC, total value exceeding $1.28 billion.
Identity Speculation and Market Doubts
● As for the identity behind this whale, there is currently no conclusion. However, according to Lookonchain analysis, the high-profile shift to Ethereum by a Bitcoin OG may be related to Trend Research under Yi Lihua.
Its operations, closely timed with political events, have sparked widespread discussions in the market about insider trading and highlighted the vulnerable position of ordinary investors in the face of potential information asymmetry in the cryptocurrency market.
4. Market Insights and Risk Warnings from Whale Movements
Risk Warnings of Whale Operations
While whale operations are certainly worth attention, the direct "copy trading" risk is extremely high:
● Information Asymmetry: When retail investors discover that whales are building positions through on-chain monitoring, they often miss the optimal entry point, which inherently disadvantages copy trading.
● Capital Disparity: Whales have a capital scale advantage and lower opening costs, which ordinary investors cannot replicate. Monitoring shows that some copy traders, due to higher entry points, have experienced unrealized losses exceeding $846,000.
● High Leverage Risk: "100% Win Rate" is a narrative label under specific market conditions; high leverage amplifies profits but also means facing significant liquidation risks if the market moves against them.
Future Outlook
The operations of the three whales in October showcase different trading philosophies and outcomes:
● "100% Win Rate Whale" demonstrated the importance of flexible position management and strict risk control. Its choice to retain the unrealized loss in SOL positions indicates a strategy characterized by differentiated layouts.
● "Maji Brother"'s painful experience reveals the dangers of high-leverage trading, especially during periods of significant market volatility.
● "10.11 Insider Whale"'s precise operations have raised questions about information fairness in the market and indicate that regulatory blind spots still exist in the cryptocurrency market.
For ordinary investors, the era of blindly following whales may be over. How to remain calm during market euphoria, how to manage risks through diversified asset allocation, and how to decisively take profits during floating profit pullbacks—these risk control disciplines and asset allocation wisdom are the true moats for navigating market cycles.
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