The trader who earned nearly $200M in the October downturn increases his exposure as analysts watch for an ETH market reversal
A mysterious trader known for accurately predicting the major October 2024 crypto crash has placed a massive bet on Ether once again. The Hyperliquid “OG Whale,” who reportedly made close to $200 million during previous market swings, has now built a $44.5 million long position on ETH, signaling renewed confidence in the asset’s potential rebound.
Whale Expands Position Amid Market Uncertainty
Data from blockchain analytics firm Arkham Intelligence shows that the whale added another $10 million to his existing long position on Monday.
Arkham noted, “He is currently long $44.5M of ETH and is up over $300K in less than an hour,” highlighting how quickly the position began generating profits.
This trader has gained wide attention over the past month due to a series of precisely timed short positions that aligned almost perfectly with market declines. His ability to capitalize on high-volatility moments has made him one of the most watched wallets on Hyperliquid.
Identity Still Unconfirmed
Despite widespread speculation, the whale’s identity remains unknown. Arkham currently tags the wallet as an “unverified custom entity,” leaving the door open to theories from analysts and crypto sleuths.
Rumors previously tied the wallet to Garret Jin, the former CEO of BitForex. Jin denied owning the account but acknowledged knowing the real trader — fueling even more curiosity within the crypto community.
Market Signals and Price Action
Ether (ETH) is currently trading around $2,900, up approximately 2% over the last 24 hours. This rise coincides with a broader relief rally across the crypto market.
Some analysts have pointed to futures market shifts as early signs that a potential bottom may be forming.
If momentum continues, the OG Whale’s high-conviction long could be positioned to benefit from a bounce toward the $3,000–$3,200 range.
However, whether bulls can take control remains uncertain, especially with macro-driven volatility still pressuring digital assets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.