Significant Investment in Ether Amidst Market Volatility
The prominent trader known as the "OG Whale" on Hyperliquid, who previously profited nearly $200 million from the Oct. 10 market crash, has initiated a substantial long position in Ether (ETH) totaling $44.5 million. This move follows a series of successful short trades that garnered the whale significant attention and profits.
This whale, also referred to as the "$10B HyperUnit Whale," whose identity remains officially unconfirmed, increased an existing long position by $10 million on Monday. This brought the total investment to $44.5 million, according to data from blockchain analytics platform Arkham Intelligence.
Arkham Intelligence reported on X (formerly Twitter) that the whale is "currently long $44.5M of ETH and is up over $300K in less than an hour."
The whale has gained notoriety in the past month for expertly timing market downturns, profiting significantly through well-executed short positions. If this new long position proves successful, the whale would be capitalizing on a potential rally in Ether's price.
Mystery Surrounding the Whale's Identity
Despite the significant trades, the identity of the whale remains a mystery. Arkham Intelligence has categorized the entity as an "unverified custom entity" associated with the wallet ID.
Garret Jin, the former CEO of the now-defunct crypto exchange BitForex, has publicly denied owning the wallet. However, he has seemingly confirmed a connection to the individual after blockchain sleuths investigated the matter last month.
Ether's Market Performance and Analyst Outlook
Amidst a broader recovery in the cryptocurrency market, Ether has seen a 2% increase over the past 24 hours. It is currently trading around $2,900.
Industry analysts and experts have been observing changes in futures data, suggesting that the crypto market may be forming a bottom. However, the prevailing sentiment regarding whether bulls or bears will ultimately control the market direction remains uncertain.