Crypto Whale Nets $200M in Oct. 10 Market Crash—Now Doubles Down With $44.5M ETH Long

A Hyperliquid whale just flexed a $200 million payday from October's market chaos—and now they're betting big on Ethereum's comeback.

From Crash to Cash-In

The same trader who nailed the October 10 downturn just parked $44.5 million into ETH longs. Either they've got a crystal ball or a reckless streak—take your pick.

High-Stakes DeFi Poker

Whales keep treating crypto like their personal casino, while retail traders scrape for table scraps. At least this one’s playing with house money.

Ethereum’s either primed for a rally or this whale’s about to learn the hard way: past performance doesn’t guarantee future payouts. Especially in crypto.

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.

You definitively say in your post the Bitcoin whale is Garrett Jin and now in your reply to me say “these are certainly BTC from multiple entities” pic.twitter.com/PqFIWW58ki

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.

The whiplash in December Fed rate expectations is stunning.
As this Bloomberg chart shows, the probability of a December 25bp cut went from >90% to This kind of wild volatility is the opposite of the "predictability and… pic.twitter.com/Ffla0Xveqe

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.