A trader on the Hyperliquid platform, who previously amassed nearly $200 million during a market downturn in October, has initiated a substantial long position on Ethereum, valued at $44.5 million. This whale, referred to by some as the "$10B HyperUnit Whale," augmented an existing stake by an additional $10 million on Monday.
The transaction was identified by blockchain analytics firm Arkham Intelligence. Arkham's tracking indicated that the trader earned over $300,000 within the first hour of increasing their bet. The precise identity of this whale remains unconfirmed, with Arkham categorizing the wallet as an "unverified custom entity."
This trader gained significant attention last month due to a series of highly successful market shorts that resulted in considerable profits. The market crash on October 10th alone contributed close to $200 million in earnings for the whale. Consequently, their subsequent trading activities are closely monitored by market participants.
Garret Jin, the former CEO of BitForex, has publicly disavowed any ownership of the wallet. However, blockchain investigators have uncovered potential links between Jin and this enigmatic trader in the past month, although no definitive connection has been established.
Market Context and Ethereum's Performance
The timing of this significant long position aligns with broader market trends observed across various cryptocurrency assets. Ethereum has experienced a 2% increase in value over the last 24 hours and is currently trading at approximately $2,900. Market analysts are observing shifts in futures data that suggest a potential bottom formation for the cryptocurrency.
Industry experts hold differing opinions regarding the prevailing market sentiment, with some anticipating upward momentum and others expecting continued bearish pressure in the near term. The whale's substantial bet signifies a strong conviction in Ethereum's potential for upward price movement, possibly in anticipation of a market rally. Developments in futures markets have fueled speculation about a potential shift in momentum.
The trader's history of successful market calls lends considerable weight to this latest position. Should their current analysis prove accurate, this could represent another profitable prediction regarding Ethereum's price trajectory. The cryptocurrency market has been characterized by heightened volatility following recent declines from its all-time high values.