Hyperliquid Whale Who Earned $200 Million During October's Market Crash Now Holds $44.5 Million in Ether

The anonymous trader known as the Hyperliquid whale, who reaped close to $200 million from the market's crash on October 10, is back in action, significantly investing in Ether.

Key Takeaways:

The Hyperliquid whale, who made nearly $200 million in October, has boosted his Ether position to $44.5 million.
Investigators have linked the wallet to Garret Jin, the former CEO of BitForex, although he denies owning it.
Arthur Hayes suggests that Bitcoin's recent decline may represent a local bottom.

This trader, often referred to as the “OG Whale” or the “$10B HyperUnit Whale,” has expanded an already substantial Ether long position to a total of $44.5 million, as reported by the blockchain analytics company Arkham Intelligence.

Recently, the whale added $10 million to the long position, which had already gained more than $300,000 within the first hour following the increase.

Hyperliquid Whale Who Made $200M on Oct. 10 Crash Now Long $44.5M in ETH

Mystery Whale Connected to Ex-BitForex CEO

Even though the wallet remains unverified, blockchain sleuths linked it to Garret Jin, the former CEO of BitForex, last month. Jin has denied owning the wallet but has confirmed that he knows the person who does.

This high-stakes investment comes as Ether's price hovers around $2,900, marking a 2% increase over the past day amid a general surge in the cryptocurrency market.

The trader has established a reputation for accurately predicting significant market movements, successfully positioning through a series of profitable short trades throughout October and November.

While betting on an Ether recovery, Arthur Hayes, former CEO of BitMEX, predicts that Bitcoin will stabilize as U.S. liquidity conditions change. In a post on X, Hayes suggested that Bitcoin’s recent drop to $80,500 likely marked a local bottom. He anticipates the conclusion of the Federal Reserve's quantitative tightening program will boost liquidity for risk assets.

Hayes summarized his insights by stating, “Minor improvements in $ liq.”

He also noted that U.S. banks have increased lending in November—a factor that usually supports the cryptocurrency markets. Despite his cautious outlook, Hayes expects Bitcoin to remain below $90,000 in the near term, with a potential drop into the low $80,000s, but he is confident that the $80,000 level will hold.

Macro Uncertainty Drives Market Volatility

Bitcoin’s trajectory has been affected by shifting expectations regarding the Federal Reserve’s upcoming December meeting. With a government shutdown limiting access to critical economic data, there are increased fluctuations in rate-cut predictions.

According to the CME FedWatch Tool, there is now a 79% chance of a quarter-point rate cut, a jump from 42% just a week prior.

This market volatility has caught the eye of economist Mohamed El-Erian, who described the situation as “stunning.” He remarked on X that such wild fluctuations contradict the predictability and stability the Federal Reserve usually seeks to achieve, citing inconsistencies in data and uncertainty in the Fed’s leadership.

Currently, markets are navigating through substantial bets by major traders, evolving liquidity trends, and an unstable macroeconomic environment. According to analysis from XWIN Research Japan, Bitcoin may remain trapped between $60,000 and $80,000 until the end of December if the Federal Reserve maintains interest rates during their upcoming FOMC meeting.