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Major Crypto Whales Move Millions Amid Market Rebound
Recent market movements have seen cryptocurrency whales making significant transactions across both spot and derivatives markets, particularly involving Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), and Zcash (ZEC). These activities highlight how large investors are repositioning their holdings during periods of volatility.
Spot Market Movements
Several notable spot market transactions occurred as whales adjusted their positions. One Ethereum trader, who bought 6,028 ETH during the October 11 crash at $3,638 per coin, sold the same holdings for a slight loss.
“According to on-chain data, the trader sold all 6,028 ETH for 22.26 million USDC at an average price of $3,587, realizing a $320,000 loss.”
Early Bitcoin investor Owen Gunden also reduced his exposure to BTC. OnChain Lens reported that he sent 500 BTC, worth $51.68 million, to Kraken on Saturday, followed by an additional 600 BTC valued at $61.17 million the next day. Despite these transfers, Gunden still holds 6,050 BTC, estimated at $618.78 million.
Meanwhile, Chainlink saw fresh accumulation. Two new wallets withdrew approximately $2.9 million in LINK over a three-day period, moving a total of 187,500 LINK from Binance at an average price of $15.5 per coin.
Derivatives Market Volatility
The derivatives market experienced extreme volatility as leveraged trading impacted several whales. James Wynn, for instance, closed a 40x leveraged BTC short with a profit of $85,380, only to face losses after reopening a short position.
“Due to the market rebound, James Wynn got liquidated 12 times again in the last 12 hours. His account is now down to only $6,010,” Lookonchain reported.
Another trader faced setbacks with BTC shorts. EmberCN highlighted that a trader who deposited 7 million USDC into Hyperliquid three days ago experienced repeated stop losses, ending up with just $560,000—a loss of approximately $6.44 million.
Not all leveraged traders faced losses. Lookonchain noted that the Anti-CZ Whale switched from short to long positions in Ethereum, currently holding over $15 million in unrealized profit. Similarly, investor “Brother Machi” has steadily increased an ETH long position, now 25 times its original size, indicating a strong bullish stance.
Zcash also attracted derivatives market activity.
“The mysterious whale 0x6EF9, who went long on ZEC with limit orders, has now closed, securing a $1.25 million profit. And another new wallet (0x089f) appeared — depositing 3.54M USDC into Hyperliquid and placing a limit long at $508.5 for ZEC,” Lookonchain reported.
Renewed Whale Activity Signals Market Interest
Overall, the recent market rebound has triggered renewed whale activity across both spot and derivatives markets. While some large investors faced significant liquidations, others capitalized on volatility, reflecting continued interest in major assets such as Ethereum and Zcash.
