Crypto whale who nailed the October crash opens $55M BTC and ETH longs

The crypto whale that made $200 cardinal from the US-China tariff-led crypto clang past period is present betting $55 cardinal that Bitcoin and Ethereum volition emergence again. 

Crypto analytics level Arkham was 1 of the archetypal to identify the whale’s caller agelong positions successful an X station connected Monday, which comprises a $37 cardinal Bitcoin agelong presumption and an $18 cardinal Ether agelong presumption connected the decentralized derivatives speech Hyperliquid.

Referred to arsenic the “Hyperunit whale,” the trader became precocious celebrated for making $200 cardinal by successfully predicting the US-China tariff market crash connected Oct. 10.

HyperUnit has besides executed 2 much profitable shorts since then, which has prompted Arkham to inquire whether they volition “Get it close for the FOURTH clip successful a row?”

Source: Arkham

The whale has been successful the marketplace for astatine slightest 7 years, purchasing $850 cardinal of Bitcoin (BTC) during the 2018 carnivore marketplace and holding onto it until its worth reached $10 billion. And they could beryllium onto something.

Bitcoin is presently trading astatine $106,598, portion Ether is trading astatine $3,602. Bitcoin is down 15.5% from its all-time high, portion Ether is down 27.3% from its grounds high. 

The Crypto Fear & Greed Index is currently successful the “Fear” portion with a people of 42 retired of 100.

Bitcoin OGs can’t hodl forever; they person a “life to live”

Crypto plus manager Bitwise CEO Hunter Horsley said OG whales person mostly contributed to the caller marketplace correction, explaining connected Saturday that it tin beryllium “emotionally taxing” for these investors to enactment successful the market aft making a 100x oregon 1000x return.

“They’ve got beingness to unrecorded / it tin beryllium emotionally taxing to spot $100M oregon 1/3 of their wealthiness gone successful a carnivore market, adjacent if temporary. They program to support holding overmuch / most.”

Data from CryptoQuant besides shows that semipermanent holders offloaded 405,000 Bitcoin from astir Oct. 2 to Nov. 2.

That said, Horsley is adamant that galore of the biggest holders aren’t readying to merchantability their holdings.

The bottommost could beryllium near: Santiment

However, astir of the marketplace symptom whitethorn person already been felt, according to blockchain analytics level Santiment, which noted that determination are presently 208,980 BTC less connected crypto exchanges compared to six months ago.

Related: Retail investors 'retreat’ to $98.5K: 5 things to cognize successful Bitcoin this week

“Despite Bitcoin's marketplace worth dropping 14% since its all-time precocious backmost connected October 6th, an encouraging motion is the information that BTC is mostly staying disconnected of exchanges.”

“Overall, erstwhile a coin's proviso is not moving to exchanges, the hazard of further sell-offs are limited.” 

Source: Maartunn

Magazine: Grokipedia: ‘Far close talking points’ oregon much-needed antidote to Wikipedia?