Crypto Whales Switch Sides: What Do They Know That the Market Doesn’t?
The crypto market has experienced a sharp decline, resulting in over $1 billion in long positions being liquidated in 24 hours. Prominent traders like '0xc2a3' and 'Machi Big Brother' faced steep losses, with '0xc2a3' flipping bearish after losing $44.67 million. However, some high-profile crypto whales, including '0x9263' and 'Anti-CZ Whale,' have taken contrarian stances by opening new long positions in assets like Bitcoin, Ethereum, Solana, and Uniswap, despite the broader sell-off. These moves showcase the divide between traders suffering from mass liquidations and others attempting to capitalize on potential market bottoms or increased volatility.
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Crypto Market Carnage and Long Position Losses
The crypto market decline has resulted in devastating losses for traders, wiping out over $1 billion in long positions. According to BeInCrypto, the market downturn intensified over the past few days, with $1.38 billion in long positions liquidated in just 24 hours. This sharp sell-off has left investors divided about the future direction of the market.
High-Profile Trader Losses
Even seasoned traders have been severely impacted by this downturn. For instance, trader 0xc2a3, previously known for his perfect 100% win streak, has suffered significant losses. On-chain analytics platform Lookonchain reported that 0xc2a3 closed all Bitcoin (BTC) long positions and sold portions of Ethereum (ETH) and Solana (SOL) long positions, incurring steep losses. His portfolio transitioned from gains of $33 million to a loss exceeding $26 million.
Reversal Position: A Trader Turns Bearish
After losing $44.67 million in long positions, trader 0xc2a3 flipped bearish. He has now opened a 25x short position on 8,562.84 ETH (valued at approximately $28.3 million), as revealed by Lookonchain. Similarly, another prominent figure, Machi Big Brother (@machibigbrother), faced liquidation, leaving his account balance at just $1,718.
Contrarian Bets Amid Market Chaos
Despite the broader market turmoil, several top crypto whales are taking a contrarian stance, potentially reflecting new market sentiment. Among them, trader 0x9263 has shifted direction after closing 20 profitable trades since October, earning $23.7 million in the process. Lookonchain observed that 0x9263 closed all shorts and opened new long positions in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Uniswap (UNI). HyperDash data indicates unrealized profits of $1.6 million on 0x9263's open positions, with his win rate standing at 73.73%.
The Anti-CZ Whale’s Strategy
Another significant player, the “Anti-CZ Whale,” has also reversed strategies. Despite previously achieving $36 million in short profits (primarily targeting ASTER, DOGE, ETH, XRP, and PEPE), the trader has shifted from shorting Ethereum (ETH) to opening large long positions. His portfolio now includes positions such as 130,566 DOGE ($21,000) long and 32,802 ETH ($109 million) long, alongside short positions on ASTER, DOGE, and kPEPE.
Bitcoin OG and Broader Market Uncertainty
The contrarian sentiment continues with Bitcoin OG, who has increased his exposure by depositing $20 million in USDC, aiming to expand longs in Bitcoin and Ethereum. However, his positions currently show an unrealized loss exceeding $3.5 million. These moves contrast starkly with the mass liquidations suffered across the market, highlighting the high stakes of crypto derivatives trading.
Conclusion: Extreme Risks and Contrarian Moves
The extreme divide between liquidated traders and those repositioning raises questions about market timing and volatility. Whether these crypto whales have predicted a market bottom or are preparing for increased swings remains to be seen. Their moves reflect the high-risk nature of crypto trading, emphasizing both the potential rewards and the dangers of leveraged bets.