The number of BTC whales has increased, with the trader who had been shorting prior to the October crash rampaging with even bigger bullish positions.
The long positions in the BTC, ETH, and SOL have been opened in excess of $500 million, which represents aggressive market bets despite the recent uncertainty.
The whale that shorted BTC in October returned with an even larger long position, betting on a market recovery. | Source: Hyperliquid.
Large longs in BTC and Altcoins
Garrett Jin, known as the 1011 whale, has made three of the biggest long positions on Hyperliquid. The whale has combined holdings worth above $500 million, which are above earlier short positions that occurred in October. The 1011 whale does not counter-trade or face liquidation as opposed to other large traders, but rather holds high-risk, high-value positions.
The trader initially created an ETH long and then proceeded to increase the exposure of BTC. ETH limit orders were between 3,030 and 3,150, and SOL limit orders were between 138.6. The prices of ETH and SOL in the current market are directly above these levels, which means that there is a willingness to purchase the dip to expect a rebound.
Market environment and consequences
It was returning to the market due to uncertainty in the market. BTC has dropped to less than 90,000 and partially recovered to more than 92,000 in the last two days, reflecting short-term unstable situations. The fear and greed index is 29, which indicates a wary attitude of the investors.
The open interest in BTC is also low at 28 billion when compared to the normal levels of 33 billion. It is possible that the aggressive positioning of the whale affects overall market direction, particularly with the weekly options expiry on Deribit coming up, which is commonly followed by significant price changes. The traders of options are concerned with a decline to $85,000 or $80,000, but also understand the ability of markets to rise very fast.
Wallet activity and market strategy
The 1011 whale is now transferring money to a different set of wallets and has transferred 5,152 BTC on December 11. The other wallet still available contains 9,340 BTC. The current BTC long entry prices are greater than the majority of the traders at 91,506.7, and the other long positions have 88000 prices on the liquidation heatmap.
The whale seems ready to offer more collateral and high funding fees in order to sustain these positions. The past trading experience indicates that it concentrates on short-term profit and does not have any long-term commitments, and this is leaving the market players in uncertainty about the intentions of the trader.
The 1011 whale returns are a timely event for the cryptocurrency market. Investors are keeping a close eye on BTC and ETH, and SOL positions, whereas the general market trends are still governed by the activity of whales and options expiries.
The post BTC Whale Returns with Massive Long Positions After October Crash first appeared on Coinfea.
