Blockchain sleuths have linked the wallet to former BitForex CEO Garret Jin, who now denies ownership.
The anonymous trader on Hyperliquid – who pocketed nearly $200 million in the October 10 market crash – is back, this time betting big on a recovery in Ether (ETH ).
The trader, often referred to as the “OG Whale” or the “$10 Billion HyperUnit Whale,” added to Capital already large Ether Longing position on Monday, bringing the total value to $44.5 million, according to blockchain analytics firm Arkham Intelligence.
The whale added another $10 million to the Longing position, and Arkham noted that the position made a profit of more than $300,000 in the first hour alone.
Mysterious whale believed to be linked to former BitForex CEO
The wallet has yet to be Formal Verification, but last month, blockchain investigators linked it to former BitForex CEO Garret Jin.
Mr. Jin denied owning the wallet, but admitted that he knew the person behind it.
The whale's massive Longing order comes as Ether is trading around $2,900, up about 2% in the past 24 hours, amid a broader crypto market recovery.
The trader built a reputation for catching big moves with a series of profitable Short throughout October and November.
While whales bet on Ether's recovery, former BitMEX CEO Arthur Hayes called for Bitcoin to stabilize as US liquidation conditions are changing.
In a Monday post on X, Hayes suggested that BTC recent drop to $80,500 is likely a local Dip of the cycle, as the US Federal Reserve (Fed) is expected to end its quantitative tightening program.
The Fed's balance sheet is expected to stop shrinking next month, and Hayes believes this will improve liquidation for risk assets.
“USD liquidation is showing signs of slight improvement,” he summarized.
Hayes also said that US banks increased lending in November, which is a factor that is generally beneficial for the crypto market.
He predicts Bitcoin will remain below $90,000 in the short term, with the possibility of another final drop to the low $80,000s, but he still believes that $80,000 will hold.
Macroeconomic uncertainty increases volatility
Bitcoin’s direction is currently being influenced by shifting expectations for the Fed’s December meeting. The US government shutdown has left policymakers without economic data, leading to wild swings in expectations for a rate cut.
The CME FedWatch tool now shows a 79% chance of the Fed cutting rates by 0.25 percentage points, up sharply from 42% just a week ago.
The volatility also caught the attention of economist Mohamed El-Erian, who called the swings “staggering.”
“This kind of wild swings is the exact opposite of the stability and predictability the Fed is supposed to strive for,” he wrote on X, highlighting the data disruptions and the uncertainties surrounding Fed leadership.
Currently, the market is balancing between massive whale bets, shifting liquidation trends and a macro backdrop that remains extremely volatile.
According to XWIN Research Japan, Bitcoin may be “stuck” in the $60,000 – $80,000 range until the end of December if the Fed keeps interest rates unchanged at the FOMC meeting next month.
