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The crypto whale that made $200 million from the US-China fee crypto crash last month is now betting $55 million that Bitcoin and Ethereum will rise again.
The Crypto Arkham analytics platform was one of the first to identify the whale’s new long positions in an X position on Monday, which included a long position of $37 million in Bitcoin and a long position of $18 million in Ether on the decentralized derivatives exchange Hyperliquid.
Referred to as the “Hyperunit whale”, the trader became famous for making 200 million dollars, successfully predicting the US-China tariff. market crash on October 10.
HyperUnit has also run two top-grossing shorts since then, prompting Arkham to ask if it will “Get it right for the FOURTH time in a row?”
The whale has been in the market for at least seven years, buying $850 million of Bitcoin (BTC) during the 2018 bear market and holding until its value reached $10 billion. And they might be on to 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 all-time 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 he said The 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 it’s temporary. They plan to keep a lot / more.”
Data from CryptoQuant also shows that long-term holders downloaded 405,000 Bitcoins from about October 2nd to November 2nd.
That said, Horsley is adamant that many of the the biggest holders they did not plan to sell their possessions.
The bottom could be close: Santimento
However, much of the market’s pain may already be felt, according to blockchain analytics platform Santiment, which noticed that there are currently 208,980 BTC less in crypto exchanges compared to six months ago.
Related: Retail investors ‘withdraw’ at $98.5K: 5 things to know in Bitcoin this week
“Despite Bitcoin’s market value falling 14% from its all-time high on October 6, an encouraging sign is the fact that BTC is generally off the exchanges.”
“In general, when the supply of a currency does not move on the exchanges, the risk of further sales is limited.”
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