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Crypto Whales Bet Big After Crash with $1.5B ETH Moves

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Abhijeet SabhadindeBy

Key Points

  • Whales Bet Big After Crypto Crash with $1.5B in ETH Moves
  • Whales flip between heavy BTC/ETH longs and shorts
  • $68M in shorts opened by Andrew Kang-linked wallets
  • BitMine grabs $1.5B ETH, El Salvador buys more BTC
  • LINK, ENA also see major whale accumulation activity

After a rocky start to October, crypto whales are back in action, betting big across derivatives and spot markets. As volatility shakes smaller investors, whales are either doubling down on Bitcoin and Ethereum or positioning themselves against them with high-leverage shorts.

Over the weekend, the total crypto market cap nudged up 1.1%. But the real action happened under the surface, in billion-dollar positions and sudden shifts in sentiment among the largest holders.

One whale, known for shifting between BTC and ETH, flipped long this week. Their new positions include a 15x long on 1,610 BTC ($173M) and a 3x long on 19,894 ETH ($77.4M). Although they were previously down $10M, those losses have narrowed to just $3.1M.

But some crypto whales are still bearish. A separate wallet deposited $30M USDC into Hyperliquid and shorted 700 BTC at 10x leverage, a $75.5M bet against Bitcoin. This trader already has $455K in unrealized profits and previously earned $160M shorting during the October 11 crash.

Andrew Kang, linked wallets added more fuel to the bearish fire with $68M in new shorts, including:

  • 10,275 ETH at 25x leverage

  • 269 BTC at 40x leverage

Surprisingly, even with a bearish stance on BTC and ETH, Kang kept his long ENA position, signaling selective belief in altcoins. His trades have delivered $5.6M in profits in just a week.

Wallet 0x579f also showed mixed sentiment, shorting:

  • 232 BTC ($25M)

  • 5,810 ETH ($22.7M)

  • While holding 44.79M ENA ($21.3M) long

This trend of crypto whales hedging their strategies, long on altcoins, short on majors, reflects the current uncertainty and the hunt for asymmetric returns.

ETH, BTC, LINK See Heavy Spot Accumulation

While some crypto whales are gambling in the derivatives arena, others are quietly accumulating in spot markets, pointing to a different kind of confidence, one that favors long-term growth over short-term gains.

Ethereum treasury BitMine made headlines with a jaw-dropping $1.5 billion ETH purchase, its largest yet. This kind of move sends a strong message: institutions still see value in Ethereum, despite recent drawdowns.

Elsewhere, El Salvador increased its national Bitcoin holdings by 8 BTC, pushing its total to 6,355.18 BTC. Though small in size, this purchase adds to a consistent pattern from the country that remains deeply invested in Bitcoin.

Large exchanges are also seeing meaningful withdrawals:

  • 21,000 BTC withdrawn in the past 7 days

  • Coinbase Pro: 15,000 BTC

  • Binance: 12,000 BTC

These outflows show crypto whales moving assets to cold storage, a strong signal of long-term holding rather than short-term speculation.

Altcoins weren’t left out either. Chainlink (LINK) saw over 2.31 million tokens (~$40.76M) withdrawn from Binance within a single week. A large new wallet removed 142,428 LINK ($2.4M) in just one move. Analysts believe this signals accumulation, not liquidation.

This comes as interest grows across multiple altcoin ecosystems, especially those building on the BNB Chain and tokens that are gaining renewed demand on Binance.

Altcoins Like ENA Gain Whale Attention

While Bitcoin and Ethereum dominate headlines, some crypto whales are shifting their focus toward altcoins, especially Ethena (ENA), which is now seeing large strategic inflows from whale wallets.

Andrew Kang’s portfolio stands out again here. Despite holding large shorts on BTC and ETH, his long ENA position suggests he sees upside in this specific project.

The selective bullishness around ENA could be linked to its growing presence in DeFi conversations and its potential for utility in upcoming protocols.

Other notable whale actions include wallet 0x579f’s $21.3M long position in ENA, which runs in direct contrast to their BTC and ETH shorts.

Even though some traders remain skeptical of ENA, the increasing number of high-value positions signals growing confidence. In a market filled with fear and volatility, the quiet accumulation of an altcoin often tells a bigger story, and crypto whales may be ahead of the curve once again.

The growing interest in ENA could be a play for greater upside. Smaller market cap assets like ENA often offer more explosive returns if momentum builds, exactly the kind of asymmetric bets whales look for when the majors turn choppy.

What Whale Behavior Means for Retail Traders

The sharp contrast between short-term leverage plays and large spot buys tells us something important: crypto whales are divided, but deliberate.

Some are chasing volatility with 10x, 15x, and even 40x leverage. They’re shorting BTC, ETH, and trying to catch fast moves in a shaky market.

Others are taking a slower, more calculated path. They’re moving billions into ETH and LINK, or buying altcoins like ENA with quiet confidence.

This behavior is especially important as the market prepares for key events like the Mt. Gox Bitcoin deadline and increased regulatory pressure following issues like the Paxos minting error.

For everyday investors, whale activity offers key insights:

  • Large BTC and ETH withdrawals suggest strong support near current prices

  • ENA and LINK are emerging as altcoins of interest for long-term bets

  • High-leverage short positions mean volatility is far from over

By watching how crypto whales behave, not just what they say, retail traders can better understand the real sentiment shaping the market.

Whether it’s a quiet accumulation or a bold short play, whale wallets continue to steer market momentum. And right now, their actions are louder than ever.

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Abhijeet Sabhadinde
Abhijeet is a crypto and Web3 writer focused on clarity and results. He covers DeFi, NFTs, and market shifts with content that grows search and authority.
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