After a turbulent week of downward moves, the crypto market ended the weekend in positive territory, with total market capitalization rising by 1.1% over the last 24 hours. This modest rebound coincided with increased whale activity across both spot and derivatives markets, indicating strategic repositioning amid volatility.
Whale Activity Intensifies Across BTC, ETH, and ENA
An on-chain analyst reported that a whale who had shorted Bitcoin last week has now turned bullish, holding about $250 million in BTC and ETH combined. Their portfolio includes a 15x long position on 1,610 BTC (worth $173 million) and a 3x long on nearly 20,000 ETH (worth $77 million). Despite suffering over $10 million in unrealized losses, the deficit has now dropped to around $3.1 million.
In contrast, another whale deposited $30 million in USDC on Hyperliquid to open a 10x short on 700 BTC, worth $75.5 million, currently showing a $455,000 unrealized profit. This trader had previously earned $160 million shorting BTC during the October 11 crash.
Adding to the bearish tone, investor Andrew Kang opened new short positions worth $68 million, including 10,275 ETH (25x leverage) and 269 BTC (40x leverage), while maintaining a long on ENA, suggesting selective confidence in certain altcoins. Kang reportedly gained $5.6 million last week.
Another major wallet identified as 0x579f held mixed positions totaling $70 million, including shorts on 232 BTC and 5,810 ETH, but a $21 million long on ENA, showing similar sentiment among some large traders.
Spot Market Repositions as Institutional Players Accumulate
While derivatives markets remain divided, the spot market saw heavy inflows from major players. Ethereum-focused treasury firm BitMine made a notable move, purchasing $1.5 billion worth of ETH, reflecting renewed institutional belief in Ethereum’s long-term potential.
El Salvador also quietly expanded its Bitcoin reserves, adding 8 BTC last week to reach a total of 6,355 BTC. At the same time, centralized exchanges recorded net outflows of roughly 21,000 BTC, led by Coinbase Pro and Binance, which saw withdrawals of 15,000 BTC and 12,000 BTC respectively.
Chainlink’s ecosystem also saw accumulation, with 2.31 million LINK (worth $40.7 million) withdrawn from Binance over the week, hinting at growing investor confidence in the project.
The combination of leveraged positioning and steady spot accumulation reveals a divided but dynamic market landscape, with some whales betting on further downside, while others quietly build positions, signaling that the worst of October’s volatility may be behind.
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