Never Wrong So Far: This Trader Bets Big on Ethereum (ETH)

Can this be an investor with inside information? The cryptocurrency market has been bleeding heavily again, and ETH was not spared in the renewed correction. The largest altcoin plunged 7% over the past 24 hours, yet many analysts remain optimistic that nothing is lost and a major rebound could be coming. Meanwhile, one whale’s actions support the bullish theory. Time to Rally Again? Earlier today (November 6), ETH dropped to nearly $2,200 before rising to the current $2,240 (per CoinGecko). Instead of panicking, though, one big investor appears to have seen the decline as a perfect buying opportunity. Lookonchain revealed that the whale opened a $45.3 million long position on the asset with 25x leverage. What’s particularly interesting is that the mysterious person or entity has made 10 trades so far, and they have all been successful. Playing with millions and winning each time has naturally fueled speculation that the whale might have inside information about potential upcoming events that can positively impact ETH. Of course, that is not guaranteed, but it could encourage smaller players to jump on the bandwagon with fresh capital and aid an eventual recovery for the cryptocurr...