The anonymous Hyperliquid trader who pocketed nearly $200 million during the October 10 market crash is back, this time betting heavily on an Ether rebound.
Key Takeaways:
A Hyperliquid whale who earned nearly $200 million in October has expanded his Ether long to $44.5 million. Blockchain sleuths have linked the wallet to former BitForex CEO Garret Jin, who denies ownership. Arthur Hayes says Bitcoin’s recent dip likely marked a local bottom.The trader, widely referred to as the “OG Whale” or the “$10B HyperUnit Whale,” increased an already large Ether long on Monday, bringing the total position to $44.5 million, according to blockchain analytics firm Arkham Intelligence.
The whale added another $10 million to the long, and Arkham noted the position was up more than $300,000 within the first hour.
Mystery Whale Linked to Ex-BitForex CEO
The wallet remains unverified, though blockchain investigators last month connected it to former BitForex CEO Garret Jin.
Jin denied ownership of the wallet but acknowledged knowing the individual behind it.
The whale’s high-stakes long arrives as Ether trades near $2,900, up roughly 2% in the past 24 hours amid a broader uptick across the crypto market.
The trader has built a reputation for timing major swings correctly, fuelled by a series of profitable shorts placed throughout October and November.
While the whale positions for an Ether bounce, former BitMEX CEO Arthur Hayes is calling for Bitcoin to stabilize as US liquidity conditions shift.
In a Monday post on X, Hayes argued that BTC’s recent drop to $80,500 likely marked the cycle’s local bottom, pointing to the expected end of the Federal Reserve’s quantitative tightening program.
The Fed’s balance sheet is set to stop shrinking next month, a shift Hayes believes should improve liquidity across risk assets.
“Minor improvements in $ liq,” he summarized.
Hayes added that U.S banks increased lending in November, another factor that typically supports crypto markets.
He expects Bitcoin to remain below $90,000 in the short term, with a possible final dip into the low $80,000s, yet he maintains $80,000 will hold.
Macro Uncertainty Fuels Volatility
Bitcoin’s path has been complicated by shifting expectations for the Fed’s December meeting. The government shutdown left policymakers with limited economic data, contributing to unusually rapid swings in rate-cut odds.
The CME FedWatch Tool now shows a 79% probability of a quarter-point rate cut, up from 42% just a week earlier.
The volatility caught the attention of economist Mohamed El-Erian, who called the fluctuations “stunning.”
“This kind of wild volatility is the opposite of the predictability and stability the Fed usually strives for,” he said on X, pointing to data disruptions and uncertainty around the Fed’s leadership.
For now, markets are balancing whale-size bets, shifting liquidity trends and a macro backdrop that remains anything but settled.
As reported, Bitcoin may remain stuck between $60,000 and $80,000 through the end of December if the Federal Reserve leaves interest rates unchanged at next month’s FOMC meeting, according to analysis from XWIN Research Japan.
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