The crypto whale that made $200 million from the US-China tariff-led crypto crash last month is now betting $55 million that Bitcoin and Ethereum will rise again.
Crypto analytics platform Arkham was one of the first to identify the whale’s new long positions in an X post on Monday, which comprise a $37 million Bitcoin long position and an $18 million Ether long position on the decentralized derivatives exchange Hyperliquid.
Referred to as the “Hyperunit whale,” the trader recently became famous for making $200 million by successfully predicting the US-China tariff market crash on Oct. 10.
HyperUnit has also executed two more profitable shorts since then, which has prompted Arkham to ask whether they will “Get it right for the FOURTH time in a row?”
The whale has been in the market for at least seven years, purchasing $850 million of Bitcoin (BTC) during the 2018 bear market and holding onto it until its value reached $10 billion. And they could be onto something.
Bitcoin is currently trading at $106,598, while Ether is trading at $3,602. Bitcoin is down 15.5% from its all-time high, while Ether is down 27.3% from its record high.
The Crypto Fear & Greed Index is currently in the “Fear” zone with a score of 42 out of 100.
Bitcoin OGs can’t hodl forever; they have a “life to live”
Crypto asset manager Bitwise CEO Hunter Horsley said OG whales have largely contributed to the recent market correction, explaining on Saturday that it can be “emotionally taxing” for these investors to stay in the market after making a 100x or 1000x return.
“They’ve got life to live / it can be emotionally taxing to see $100M or 1/3 of their wealth gone in a bear market, even if temporary. They plan to keep holding much / most.”
Data from CryptoQuant also shows that long-term holders offloaded 405,000 Bitcoin from about Oct. 2 to Nov. 2.
That said, Horsley is adamant that many of the biggest holders aren’t planning to sell their holdings.
The bottom could be near: Santiment
However, most of the market pain may have already been felt, according to blockchain analytics platform Santiment, which noted that there are currently 208,980 BTC fewer on crypto exchanges compared to six months ago.
Related: Retail investors ‘retreat’ to $98.5K: 5 things to know in Bitcoin this week
“Despite Bitcoin’s market value dropping 14% since its all-time high back on October 6th, an encouraging sign is the fact that BTC is generally staying off of exchanges.”
“Overall, when a coin’s supply is not moving to exchanges, the risk of further sell-offs are limited.”
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