Crypto Trader Profits $17 Million Betting on Bitcoin and Ethereum Rebound

Core Insights - A seasoned crypto trader has made approximately $17 million in profit from long positions on Bitcoin and Ethereum during a volatile market period [1][2] - The trader, identified as "0xc2a," opened long positions just before a market rebound, with Bitcoin and Ethereum gaining 4% and 2% respectively [1][2] Market Context - The crypto market experienced significant turmoil, with over $20 billion in leveraged positions liquidated on October 10, following President Trump's announcement of a 100% tariff on Chinese imports [2][3] - Bitcoin briefly fell to a three-month low of under $105,000 before recovering, while the trader accumulated positions during this downturn [3] Trader Performance - The trader has maintained a 100% win rate since account inception, holding 1,483 BTC (approximately $165.5 million) and 33,270 ETH (around $131.3 million) in active long positions [4] - This performance has garnered attention from analysts and traders on social media, indicating a strong conviction in a market that is still finding its direction [4] Whale Influence - The trader's success highlights the impact of whale behavior on market sentiment, as large holders can significantly influence market movements [5] - Smaller traders often monitor whale actions for cues on potential momentum reversals or trend confirmations [5] Market Sentiment - October's market conditions have challenged the traditional "Uptober" narrative, indicating a shift in investor sentiment [6]