At three o'clock in the morning, the cryptocurrency market is typically the most stable, yet a message strikes like thunder, shattering the silence in the trader community. A mysterious player, who once rolled $125,000 into $100 million, makes a move two hours after closing: a $100 million bet on ETH, with leverage maxed out at 25 times.
Let’s break down the skeleton of this high-stakes gamble.
The whale's operation is an extreme example of leverage: an initial position of $77.12 million to buy 18,000 ETH at an entry price of $4,303; subsequently, an additional $23.56 million for 5,500 ETH, creating a horned position.
The liquidation line is clear: if ETH drops below $4,096, all positions will be liquidated.
$4,096 is precisely the strong support level for ETH over the past month; this move is akin to betting one's livelihood on a precarious bridge during a stormy night: if the bridge collapses, there will be losses, but if it holds, there will be huge gains.
Hidden within the operation are the market's coded messages.
This gamble is not a spur-of-the-moment decision; there are three underlying signals.
First, the amount of capital reveals identity: being able to move $100 million with 25 times leverage is far from retail; it is more likely a star trader from a hedge fund, operating with institutional-level information asymmetry.
Second, the technical aspect is precisely timed: $4,096 is a short-term support level, also sitting on the weekly upward trend line; the stop-loss level is not arbitrarily set, seemingly declaring a bet that the trend line will hold.
Third, the timing of the news is coincidental: four hours after establishing the position, Coinbase releases a report titled 'The Altcoin Season is About to Fully Arrive', with overlapping timing suggesting a preemptive layout.
