Crypto whale that hit the October crash opens long positions

The crypto whale that made $200 million from last month’s cryptocurrency crash caused by tariffs between the US and China is now anticipating a rise in Bitcoin and Ethereum with $55 million. The crypto analytics platform Arkham was one of the first to identify new long positions in a post on X on Monday, consisting of a long Bitcoin position of $37 million and a long Ethereum position of $18 million on the decentralized crypto exchange Hyperliquid.

The trader recently became known for making $200 million by successfully predicting the crash of the US-China tariff market on October 10.

HyperUnit has since executed two more profitable shorts, prompting Arkham to wonder if it will succeed for the fourth time in a row?

The whale has been in the market for at least seven years. It bought Bitcoin worth $850 million during the bear market of 2018 and held it until its value reached $10 billion.

Contributed to the correction

The CEO of the crypto asset management firm Bitwise, Hunter Horsley, stated that the original whales significantly contributed to the recent market correction, explaining on Saturday that it can be ’emotionally taxing’ for those investors to remain in the market after achieving a return of 100 or 1,000 times.

– They have a life to live, and it can be emotionally taxing to see $100 million or one-third of their wealth disappear in a bear market, even if it is temporary – said Horsley.

Data from CryptoQuanta also shows that long-term holders sold 405,000 Bitcoins from approximately October 2 to November 2.

The bottom may be near

However, most market issues may have already been felt, according to the blockchain analytics platform Santiment, which noted that there are currently 208,980 Bitcoins fewer on crypto exchanges compared to six months ago.

– Despite the market value of Bitcoin dropping by 14 percent from its record value on October 6, an encouraging sign is the fact that more Bitcoins are generally remaining off exchanges – according to Santiment.

In general, when supply is not moving to exchanges, the risk of further sell-offs is limited.