The whale who predicted the October crypto market crash has bet on Ethereum’s price to rise despite the bearish trend.
A wealthy trader dubbed HyperUnit-BTC-Whale earned $200 million by shorting coins before the digital asset’s price crashed on October 10. This time, he instead opted to play the ETH price rally by transferring $10 million worth of USDC (USDC) stablecoins to the Hyperliquid exchange to create a leveraged futures contract worth $44,5 million on Ethereum.
Since the trade was executed, ETH has fallen less than 1%, so the bigwig has suffered a small unrealized loss. However, if the downward trend continues, his order will be liquidated, and he will suffer a financial loss unless he increases the amount of collateral securing the long position.
Judging by the digital assets stored in the whale’s crypto wallet, he predicts an increase in the price of not only Ethereum but also Bitcoin. Despite the downward trend that emerged in the digital asset market in October, the wealthy individual still holds 35,816 BTC worth $3,15 billion. However, during the bear market, he liquidated some of his savings by selling them on the exchange. Kraken at least 1,000 bitcoins for $110 million.
Cryptocurrencies on the HyperUnit-BTC-Whale balance