Inside the Crypto Whale Maneuvers That Followed Trump’s Tariff Meltdown

The crypto market's "Black Friday" rout on October 10, 2025, wasn't just a bloodbath—it was a whale's buffet. Triggered by President Trump's Truth Social post announcing a "massive" 100% tariff on Chinese imports, the announcement escalated U.S.-China tensions, wiping $200 billion from crypto caps in hours. Bitcoin plunged 16% from $122,000 to $101,500, Ethereum dropped 18% to $3,900, and altcoins like Solana halved, per CoinGecko data. Over $20 billion in positions evaporated—$16.7 billion from longs—across 1.5 million traders, with $7 billion liquidated in one hour alone, according to CoinGlass.

Yet, amid the carnage, whales didn't flee—they feasted. On-chain trackers like Lookonchain revealed opportunistic strikes: A savvy trader closed $1.1 billion in BTC/ETH shorts opened October 6 at $123,453, pocketing $190–$200 million as tariffs tanked sentiment. Five hours before the weekend rebound, they reshorted 1,423 BTC ($161 million) at $114,200, now sitting on $3 million unrealized gains. "This was textbook volatility arbitrage," says Marco Lim of Solowin Holdings. "Tariffs created the perfect storm—thin liquidity amplified the dip, but whales with leverage tools turned panic into precision profits."

Derivatives data underscores the divide: Funding rates flipped negative (-0.019%), squeezing shorts as ETH rebounded 10.5% to $4,138 by Monday. World Liberty Financial advisor "ogle" switched wallets after a $2.47 million wipeout, opening a 20x long on 125.7 BTC ($14.3 million) via Hyperliquid—now up amid the thaw. Wallet 0xe9d closed a BTC long for $265,000 profit, while 0x5D2F flipped a $27 million loss to brief gains before dipping $4.8 million.

Spot markets saw bolder bets: Bitmine scooped 128,718 ETH ($480 million) from FalconX/Kraken post-dip, adding to whale rotations. A Mt. Gox OG revived a 749 BTC wallet (bought at $11) to transfer 300 BTC ($33.47 million) to Binance—its first sale in 13 years. Even hackers played: Lazarus Group dumped 8,638 ETH ($32.5 million) at $3,764 during the crash (locking $5.5 million loss), only to buy back 7,816 ETH ($32.5 million) at $4,159 on the rebound.

"How Crypto Whales Played the BTC and ETH Dip"

The tariff shock—retaliating against China's rare earth curbs—exposed crypto's macro ties, syncing with Nasdaq's 3.6% slide. But whales thrived on asymmetry: Wallet 0xb9fe recovered a crash loss with a 25x long on 18,960 ETH ($72.7 million), now up $3.6 million as ETH cleared $4,000. Christopher Heymann deposited $2 million USDC for a 10x ENA long after a $4.22 million liquidation, betting on alt recovery.

Sean Dawson of Derive notes: "Whales aren't panicking—they're positioning. The $20 billion purge flushed weak hands, leaving room for accumulators." On-chain flows confirm: $584 million ETH buys signal bottoms, with dormant wallets awakening for profits. Yet, not all won—wallet 0x728 gained $1.56 million on ETH/SOL longs after $4.74 million losses, highlighting high-wire acts.

As markets stabilize (Fear & Greed at 48), whales' maneuvers underscore resilience: Tariffs may hike hardware costs 20%, but BTC's "digital gold" narrative endures. For retail, the lesson? Batch dips with stops—whales win by staying nimble.