Whales Take Sides Post-Crash as Big Bets Hit BTC, ETH, and ENA

Market Overview - The crypto market experienced a modest recovery with a total market capitalization increase of 1.1% over the weekend after a week of downward movement [1] - Increased activity from crypto whales in both derivatives and spot markets indicates strategic repositioning amid recent volatility [1] Whale Activity - A significant surge in whale activity was noted in the derivatives market, with traders alternating between defensive shorts and high-leverage longs on Bitcoin (BTC), Ethereum (ETH), and Ethena (ENA) [2] - One notable whale, who previously shorted BTC, has shifted to a bullish stance, holding approximately $250 million in BTC and ETH [2] Portfolio Movements - The trader's portfolio includes a 15x long position on 1,610.93 BTC valued at $173 million and a 3x long position on 19,894.21 ETH worth $77.4 million, with unrealized losses narrowing from over $10 million to about $3.1 million [3] - Another whale deposited 30 million USDC into Hyperliquid and opened a 10x short position on 700 BTC, valued at approximately $75.5 million [3] Short Positions and Market Sentiment - An investor reported an entry price of $109,133.1 and a liquidation price of $150,082.9, currently holding an unrealized profit of $455,000 after previously earning $160 million from shorting Bitcoin during the October 11 crash [4] - Andrew Kang's wallets opened $68 million in new short positions, including 10,275 ETH at 25x leverage and 269 BTC at 40x, reflecting a bearish sentiment [4] Selective Confidence in Altcoins - Despite a bearish outlook on major cryptocurrencies, Kang has maintained a long position in ENA, indicating selective confidence in certain altcoins, with reported profits of around $5.6 million over the past week [5] - Other traders have shown optimism towards ENA while holding short positions on BTC and ETH, with a whale identified as 0x579f holding mixed positions worth around $70 million [6] Major Purchases - Spot markets saw substantial flows as major crypto players repositioned their portfolios, with BitMine notably adding $1.5 billion worth of ETH to its holdings [7]