A mysterious address that once held over 50,000 bitcoins and had been dormant for eight years has invested hundreds of millions of dollars into Ethereum leveraged long positions within a week, creating a huge wave in the cryptocurrency market.

Late at night, a transfer of $70 million was made from a Binance wallet to the decentralized derivatives exchange Hyperliquid. Subsequently, a 5x leveraged Ethereum long position was quietly established, with an average entry price of $3,048.

This is just the beginning. In the following days, this address, referred to as the "Bitcoin OG Insider Whale," made two more large transfers, adding $50 million and $110 million on December 10 and 12, respectively, and placed buy orders totaling approximately $92.7 million in the price range of $3,030 to $3,150.

1. Huge Bets

According to the latest on-chain data, the total value of this Bitcoin OG's holdings has soared to approximately $693 million. The composition of his holdings shows an extreme preference for Ethereum.

● He holds 180,935 ETH, valued at about $555 million, while retaining 1,000 BTC and 250,000 SOL. Notably, most of his ETH position consists of 5x leveraged long positions, amounting to $556 million.

● In contrast, this whale's holdings in Bitcoin appear quite conservative, holding only about $88.29 million worth of BTC, while his position in SOL employs an astonishing 20x leverage.

2. Strategic Shift

This whale, known as the "Bitcoin OG," is famous for his precise counter-trading operations. The address 0xb31 historically held over 50,000 bitcoins and had been silent for eight years.

● His most recent market-moving operation was before the market crash in October, where he accurately laid out a $500 million Bitcoin short position, ultimately profiting nearly $100 million. Now, this former Bitcoin whale and major short seller is shifting his focus to Ethereum.

● In fact, the trend of moving from Bitcoin to Ethereum had already emerged in August this year. At that time, another Bitcoin OG sold approximately $523.5 million worth of Bitcoin within two days. He redirected the funds to Ethereum, purchasing both spot and opening a large number of Ethereum long positions on the Hyperliquid platform. These early signs are now more dramatically reflected in the 0xb31 address.

3. Risk Exposure

On-chain data shows that although this whale previously profited $26 million by accurately shorting Bitcoin, his overall position has now turned to a loss.

● As of December 15, his unrealized losses have reached between $22 million and $23 million. Specifically, his 5x leveraged ETH long position has an average cost of $3,169, currently showing an unrealized loss of about $16.8 million.

● Most dangerously, his SOL position, under 20x leverage, has an unrealized loss of 115%, amounting to a loss of about $1.88 million. This high-leverage, multi-asset holding structure is extremely vulnerable during market fluctuations.

4. Market Impact

This Bitcoin OG's massive Ethereum long position is concentrated in the $3,030 to $3,150 range, creating a "magnetic effect" in the market.

● If the price of Ethereum falls to the liquidation line of these leveraged positions, it could trigger a chain liquidation, exacerbating market volatility. Conversely, if the market experiences a short squeeze, these concentrated buy orders could also fuel a price increase.

● The behavior of this whale sharply contrasts with the cautious attitude of retail investors. When most traders are cautious about market conditions, the counter-trading actions taken by such capital-rich investors are often seen as signals of "smart money."

5. Background Connections

● Further investigation reveals a surprising synchronicity between this Bitcoin OG's operations and political events. It has been observed that his trading behavior is highly synchronized with Trump's statements and trends in U.S. policy. This context provides a new perspective for understanding his bold leveraged operations.

● Garrett Jin, CEO of BitForex, has publicly stated that this address is associated with some of its clients. This clue suggests that this may not be an individual investor but rather a collective action representing a group of high-net-worth clients or institutions.

6. Industry Signals

● The phenomenon of Bitcoin OGs shifting to Ethereum is not an isolated event. This summer, a Wall Street firm named BitMine increased its Ethereum holdings from zero to 830,000 within just 35 days, totaling approximately $6.6 billion.

● This event is seen as a sign of the transfer of Ethereum pricing power from "crypto natives" to Wall Street capital. Traditional financial institutions are viewing Ethereum as a new type of financial asset that is "priceable, tradable, and liquid."

● Meanwhile, corporate funds are pouring into the DeFi ecosystem through liquid staking tokens. In protocols like Aave, the liquidity pools formed by liquid staking tokens have expanded to 1.1 million ETH.

Every turn of the whale creates ripples in the market. When asked whether BitMine would sell its holdings of Ethereum, Wall Street analyst Tom Lee gave a brief and firm response: "Never."

The unrealized loss figure of $22 million for this Bitcoin OG address continues to flash on-chain. The market holds its breath, waiting to see whether this is yet another precise forward-looking layout by "smart money" or a tragedy about to be liquidated under excessive leverage.

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