Crypto whales are deploying divergent strategies in derivatives markets, with over $140 million in leveraged bets on Bitcoin (BTC) and Ethereum (ETH) amid post-volatility stabilization. A prominent whale, previously shorting BTC, flipped to a bullish stance, opening a 15x leveraged long on 1,610.93 BTC worth $173 million and a 3x long on 19,894.21 ETH valued at $77.4 million, reducing unrealized losses from $10 million to $3.1 million. Contrasting this, another whale deposited $30 million USDC into Hyperliquid for a 10x short on 700 BTC ($75.5 million), netting $455,000 in profits so far, with a liquidation price at $150,082, building on a prior $160 million gain from shorting during the October 11 crash. These moves reflect a split: aggressive longs betting on recovery, shorts capitalizing on lingering volatility.
In spot markets, institutional buying signals confidence in long-term value. BitMine, an Ethereum treasury firm, acquired $1.5 billion in ETH, bolstering holdings despite recent dips. El Salvador added 8 BTC to its reserves, reaching 6,355.18 BTC, while centralized exchanges like Coinbase Pro and Binance saw net outflows of 21,000 BTC over the week, indicating self-custody trends. Beyond majors, Chainlink (LINK) saw 2.31 million tokens ($40.76 million) withdrawn from Binance, and Ethena (ENA) attracted mixed bets, with one whale holding a $21.3 million long alongside shorts on BTC/ETH, while another opened short, facing $1.44 million in losses. Andrew Kang-linked wallets added $68 million in shorts (10,275 ETH at 25x, 269 BTC at 40x), yet maintained a profitable $5.6 million long in ENA.
The $140M+ in conflicting bets highlight a bifurcated market: shorts hedging downside (e.g., Kang’s positions) amid October volatility, longs anticipating rebound (e.g., whale’s $250M flip). Total market cap rose 1.1% to $3.8T, with BTC at $113,234 (support: $112,709) and ETH at $4,070 (pivot: $4,200), per CoinMarketCap. ENA and LINK see mixed accumulation, with ENA’s $12.4B TVL (up from $5.46B) signaling yield appeal despite shorts. Jackson Hole (FOMC minutes today, Powell speech Friday) could sway trends: dovish signals may rally BTC to $120K, hawkish ones trigger shorts.
