This Whale Ignored the Rally and Doubled ETH Bet

In a stunning display of conviction or sheer risk appetite, one of the market’s most closely watched whales has doubled down on Ethereum (ETH) rather than cashing out after the latest price surge.

The trader known as ‘BitcoinOG (1011short)’ has increased their already massive long position to a staggering 85,001 ETH, worth roughly $280 million, according to new data shared by cryptocurrency and blockchain analytics platform Lookonchain in an X post on December 10.

While many traders rushed in to lock in gains from Ethereum’s sharp rally this week, this whale made the opposite move. Instead of trimming exposure, they added heavily to their position, pushing their unrealized profit to more than $16 million and placing their liquidation price at $2,343.76, which is still comfortably below current market levels.

The portfolio’s performance chart reveals how abruptly the position expanded, with the whale’s weekly PnL spiking to more than $16.3 million. The timing suggests the whale viewed the recent rally as confirmation of a larger trend still in motion instead of a signal to exit.

High-Stakes Bet on Continued Momentum

Whales like BitcoinOG often serve as sentiment barometers, and their aggressive positioning can ripple across the broader market. 

This particular trader has a history of bold directional bets, but the size and timing of this latest move stand out even by whale standards. With 100% long exposure, no hedges, and leverage above 3x, the position carries significant risk if volatility suddenly reverses.

Yet the whale’s posture suggests confidence that Ethereum may be preparing for further upside. Rather than scaling out on strength, they effectively doubled down at a moment when many would have reduced exposure, signaling either deep conviction or an unusually high risk tolerance.

Meanwhile, Ethereum is changing hands at $3,320.43, suggesting an increase of 6.55% in the last 24 hours and an 8.79% gain across the previous seven days, as it moves further away from the loss of 8.06% accumulated on its monthly chart, according to the most recent information.

Whether this whale’s move becomes legendary or cautionary depends entirely on how Ethereum behaves in the coming days. For now, the crypto market is watching closely, as someone committing $280 million to a single direction means the stakes extend far beyond one wallet.

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