After $2M Bitcoin Victory, High-Stakes Trader Goes All-In On Ethereum

Fresh off a decisive win that forced his opponent to close a massive Bitcoin (BTC) short and got him $2.13 million in profit, the unlikely hero of this week’s long-vs-short showdown has executed another stunning, even bolder play. 

Instead of cooling off after the victory, 0xfB66 immediately pivoted into an aggressively leveraged Ethereum (ETH) position. The trader opened a 6x long worth $37.28 million, representing 11,590 ETH, in a size that dwarfs the one he just closed.

And in less than two days, that new trade is already sitting on over $1.11 million in unrealized gains, according to the on-chain data shared by the cryptocurrency market monitoring platform Lookonchain in an X post on December 4.

The shift from Bitcoin to Ethereum couldn’t have come at a more tense moment for the market. Bitcoin’s rally looks increasingly overextended, while Ethereum has been showing subtle signs of accumulation strength from mid-sized wallets and improved network flows.

High-Stakes Rotation As Market Volatility Builds

The new Ethereum long pushes 0xfB66 into a far more aggressive stance than before. Whereas his Bitcoin position was large but manageable, the ETH long is a full-throttle play, hinging on both price momentum and the coin’s tightening liquidity profile.

His entry price of $3,120 sits just under a cluster of resistance levels highlighted recently by on-chain analysts. If Ethereum breaks above, the upside could be explosive. If not, a leveraged unwind of this magnitude would be equally dramatic.

But for now, the strategy is working. With the position already up seven figures, 0xfB66 is showing the kind of confidence or conviction that often precedes major market moves.

Currently, the price of ETH stands at $3,198.68, up 3.92% on the day, gaining 5.41% across the past week, as it moves to put the 8.38% loss on its monthly chart behind it, according to the most recent information.

The rotation comes amid growing chatter about Ethereum’s rising network activity, accelerated accumulation from 1K-10K ETH wallets, and the excitement surrounding the Fusaka upgrade. Whether coincidence or calculated timing, 0xfB66’s pivot has placed him directly in the path of potential volatility.

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