Crypto Whale 0xb31 Establishes $392M Ethereum Long: Analyzing Market Impact Post-Historic Bitcoin Short
On December 11, on-chain analytics platform Coinbob, as reported by BlockBeats, identified a significant accumulation by the entity known as 'BTC OG Insider Whale' (address 0xb31). This whale added approximately 40,000 ETH to its long position between the evening of December 10 and 8 AM UTC on December 11, an acquisition valued at approximately $120 million. This latest accumulation brings the whale's total Ethereum long position to $392 million, which currently reflects an unrealized profit of $10.1 million (13%). The average entry price for this substantial position has adjusted from $3,108 to $3,177, with a liquidation price set at $2,234. This current ETH long position mirrors the scale of the $500 million Bitcoin short position initiated by the same entity shortly before a notable market downturn on October 11.The initiation of this Ethereum long strategy by the 'BTC OG Insider Whale' occurred between the evening of December 7 and the morning of December 8. The entity transferred $70 million from a Binance wallet to Hyperliquid in a phased manner, subsequently opening a 5x leveraged ETH long position at an initial average entry price of $3,048. An additional $50 million was transferred on December 10, resulting in $52.5 million in remaining margin.The 'BTC OG Insider Whale' is recognized as an early adopter ('OG') address, notable for holding over 50,000 BTC in dormancy for eight years before strategically rebalancing a portion of its Bitcoin holdings into Ethereum. Market observers have noted a historical correlation between this entity's trading activities and public statements from Donald Trump, as well as broader shifts in U.S. policy. The whale gained significant market prominence by establishing a $500 million BTC short position just hours prior to the October 11 market downturn, a move that reportedly yielded nearly $100 million in profit. Garrett Jin, CEO of BitForex, has publicly confirmed that this address is associated with one of their clients.
