ETH News: Long-Term Whale Who Sold Before The October Crash Is Buying Ethereum

Whale trader boosts his Ethereum long to $44.5M, sparking market buzz as analysts debate his identity and watch for signs of an ETH rebound.

A well-known Hyperliquid trader has opened another major long position on Ether. 

The whale first became popular after a strong trading performance during the October market crash. 

This whale now holds a $44.5 million long that grew by $10 million earlier this week. Many traders are watching this wallet’s moves closely since it has a record of accurate calls.

OG Whale Raises His Ethereum Position Again

The anonymous whale known by some as the “$10B HyperUnit Whale,” boosted his long on Monday. Data from Arkham Intelligence shows the wallet added $10 million to an existing trade. 

The entire long now totals $44.5 million. Arkham noted that the position gained more than $300,000 during its first hour.

The trader earned almost $200 million during the October 10 drop. He placed several shorts before that crash and exited at the right time. His timing during the past two months has created a large online following and many traders are now tracking his public wallet to see each new order.

Questions Around His Identity

Some analysts tried to match the whale with former BitForex CEO Garret Jin. 

Blockchain sleuths found activity they believed connected Jin to the wallet. However, Jin denied ownership when questions surfaced last month. He did admit that he knows the person behind the trades. 

That comment has now fueled more debate about who controls the funds.

Meanwhile, the wallet’s activity continues to grow. It has sent and received large amounts of collateral during recent trading bursts. 

This pattern matches the whale’s high-volume style and many observers believe the wallet belongs to someone with deep resources and strong conviction.

Ethereum Moves Higher As The Whale Bets Big

Ethereum currently trades around $2,900 and CoinGecko data shows a 2% gain over the last day. The market has shown slight improvement after several rough weeks and the broader crypto sector also posted gains during the same period.

So far, the whale appears to be positioning for further upside. He seems confident that Etherum may recover from recent lows, but that recovery will depend on several factors. 

Traders are examining futures data to see if the market formed a bottom. So far, analysts suggest that open interest has drifted toward buyers and many claim the most aggressive selling may be behind the market.

Yet no clear trend has formed. Both bulls and bears remain active and the whale’s move shows his confidence. However, it does not guarantee the direction of the market.

Related Reading: Ethereum Eyes $2,880 Resistance: Breakout or Breakdown?

Bitcoin Stability May Support Ether Recovery

Former BitMEX CEO Arthur Hayes posted an update this week. He said Bitcoin recently hit a local bottom near $80,500. 

His view focused on liquidity changes in the United States, and Hayes expects the Federal Reserve to end its quantitative tightening program soon. That change could help risk assets, which include crypto.

Hayes said that banks increased lending in November. He viewed this as a positive sign and believes Bitcoin could stay below $90,000 for a short period. He also expects a possible move into the low $80,000s, and yet he remains confident that $80,000 will hold as support.