Last month, a crypto whale profited $200 million from the cryptocurrency market crash triggered by U.S.-China tariffs and has now invested $55 million betting that BTC and ETH prices will rise again.
Crypto analysis platform Arkham was the first to report on Monday via the X platform, confirming the whale's newly opened long positions, including a $37 million BTC long position and an $18 million ETH long position established on the decentralized derivatives exchange Hyperliquid.
This trader, known in the industry as the "Hyperunit whale," gained fame for successfully predicting the market crash caused by U.S.-China tariffs on October 10 and profiting $200 million from it.
Since then, HyperUnit has also successfully executed two more profitable short trades, prompting Arkham to question, "Will they be 'correct for the fourth time in a row'?"
This whale has been active in the market for at least seven years, having purchased $850 million worth of BTC during the 2018 bear market and holding it until its value soared to $10 billion. Their market instincts may once again prove to be sharp.
BTC is currently trading at $106,598, while ETH is trading at $3,602. BTC has retraced 15.5% from its all-time high, while ETH has retraced 27.3% from its all-time high.
The cryptocurrency fear and greed index is currently in the "fear" zone, scoring 42 on a 100-point scale.
Hunter Horsley, CEO of crypto asset management firm Bitwise, pointed out that seasoned whales have largely contributed to the recent market adjustment. He explained on Saturday that for investors who have already achieved 100x or 1000x returns, staying in the market may be "emotionally excruciating."
Data from CryptoQuant also shows that long-term holders sold approximately 405,000 bitcoins between October 2 and November 2.
However, Horsley firmly stated that many of the largest holders do not plan to sell their assets.
Nevertheless, according to blockchain analysis platform Santiment, much of the market pain may have already been released. The platform noted that there are currently 208,980 fewer bitcoins on cryptocurrency exchanges compared to six months ago.
"Although BTC's market cap has dropped 14% since reaching an all-time high on October 6, an encouraging sign is that BTC has not overall flowed into exchanges," Santiment analyzed.
Related: Bitcoin (BTC) price rises to a November high of $111,000, but the market remains shrouded in bear market concerns.
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