ETH Bounces as Dormant BTC OG Insider Whale Opens 5x Leveraged Long Worth $166 Million

COINOTAG News reports that ETH briefly traded below $2,900 before turning higher. The BTC OG Insider Whale (0xb31) reportedly added to ETH long positions, building a stake near $166 million at an average entry of $3,048, with unrealized gains around $940,000 and a liquidation threshold near $1,795.34. Since 11:00 PM yesterday, roughly $70 million moved from a Binance wallet to Hyperliquid, followed by opening a 5x leveraged ETH long—the largest such exposure in nearly a month, per on-chain trackers.

Earlier activity shows the same address engaging in ETH swing trading on November 25 and 29, initiating long positions and then closing with a modest profit on November 30. By December 1, trackers note a substantial USDT borrowing from Aave and transfers to a Binance wallet, supporting further ETH exposure.

Analysts caution that attribution to a single market actor remains debated; while the address is linked to notable macro moves, credible confirmation is limited. Market participants should monitor BTC and ETH liquidity signals and maintain robust risk controls.