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Why Are Crypto Whales Moving Millions as Markets Cool Down?
The crypto market slipped early Monday in Asian trading hours, erasing weekend gains to fall to $3.59 trillion, even as global trade tensions showed signs of easing. Amid the downturn, crypto whales made bold moves across Bitcoin (BTC), Ethereum (ETH), and several altcoins, signaling a tug-of-war between accumulation and profit-taking among large holders.
Ethereum Whales Balance Shorts and Leverage Plays
On-chain data revealed major ETH whale activity over the weekend. Analyst EmberCN reported that a whale withdrew 20,021 ETH—worth about $78.15 million—from Binance. The same trader had previously used $700 million USDC as collateral to borrow $262 million in ETH, likely to short the asset.
“When they shorted ETH two weeks ago, the price was $4,032. Now ETH trades near $3,850, earning roughly $12 million in profit,” EmberCN explained.
Meanwhile, another whale reduced leverage by selling 2,500 ETH worth $9.67 million after buying 2,989 ETH at an average of $4,197, taking an estimated $820,000 loss. Despite the sale, the trader still holds 13,504 ETH as collateral.
Bitcoin Whales Cash Out, Others Accumulate
BTC whales also made waves. One trader deposited 351 BTC into Binance, locking in about $27.97 million in profit after previously withdrawing the coins years ago at a much lower price. Another Bitcoin OG whale sent 500 BTC (worth $55.28 million) to Kraken, bringing their total deposits to 7,003 BTC (about $781.8 million) across centralized exchanges in the last three weeks.
Altcoin Whales Target ASTER and GHOST Tokens
Beyond Bitcoin and Ethereum, altcoins saw active whale movements. Binance founder Changpeng Zhao (CZ) disclosed a personal $2 million ASTER purchase on November 2. Around the same time, another whale withdrew 5.8 million ASTER (worth $5.58 million) from Binance, accumulating 6.8 million ASTER over six days.
Meanwhile, Lookonchain reported that three wallets bought 2.26 million GHOST tokens, with a Solana (SOL) whale—inactive for 10 months—snapping up 1.12 million GHOST, showing renewed interest in the asset.
Derivatives Market: Whales Bet Big on Volatility
In the derivatives market, top traders revealed mixed sentiment. A smart whale wallet, 0xc2a3, with a 100% win rate, expanded its long exposure to BTC, ETH, and SOL, holding $151M in ETH, $118M in BTC, and $105M in SOL. Another trader opened a 20x leveraged long on 140,366 SOL worth $26.14 million.
Conversely, traders 0xbadb and 0x9eec increased short positions in ASTER, both sitting on profits of $1.4M and $5.9M, respectively.
