The crypto market decline has punished traders who were betting on further upside, wiping out over $1 billion in long positions.
Yet, a handful of high-profile crypto whales are taking a contrarian stance, opening new long positions despite the broader sell-off.
Crypto Market Carnage Wipes Out Long Positions
BeInCrypto reported that the crypto market’s downturn has deepened in recent days, with $1.38 billion in long positions wiped out in just 24 hours. The sudden sell-off has left investors divided over what comes next.
Even seasoned traders haven’t escaped the fallout. Trader 0xc2a3, once boasting a perfect 100% win streak, has now seen his fortunes take a sharp turn.
According to on-chain analytics platform Lookonchain, 0xc2a3 closed all Bitcoin (BTC) longs and sold portions of Ethereum (ETH) and Solana (SOL) longs at steep losses. The trader’s total portfolio swung from over $33 million in gains to more than $26 million in losses.
“After losing $44.67 million on his long positions…..trader 0xc2a3 has flipped bearish. He just opened a 25x short on 8,562.84 ETH ($28.3 million),” Lookonchain added.
Top Crypto Whales Make Contrarian Bets Amid Market Chaos
Despite broad losses, several traders on Hyperliquid have shifted direction, possibly signaling new sentiment among experts. Lookonchain identified “0x9263” as a key contrarian.
After closing 20 profitable trades since October and generating a $23.7 million profit, 0x9263 closed all shorts and moved to open long positions in Bitcoin, Ethereum, Solana, and Uniswap.
HyperDash data showed that his open positions are currently yielding an unrealized profit of around $1.6 million. The crypto whale’s win rate stands at 73.73%.
Crypto Whale’s (0x9263) Open Long Positions. Source: HyperDash
Another large trader, the “Anti-CZ Whale,” has also reversed course. BeInCrypto highlighted that this whale’s unrealized short profits surged to over $36 million yesterday, mainly targeting ASTER, DOGE, ETH, XRP, and PEPE.
Earlier in October, the trader earned $18.5 million from shorting. Yet, this participant has now switched from shorting Ethereum to opening major long positions.
“The Anti-CZ Whale has flipped from shorting ETH to going long. Current positions: 130,566 DOGE ($21,000) long, 32,802 ETH ($109 million) long, 58.27 million ASTER($59.7 million) short, 1.99 billion kPEPE ($11.3 million) short,” Lookonchain revealed.
Furthermore, “Bitcoin OG” has increased his exposure by depositing another $20 million in USDC to expand Bitcoin and Ethereum longs. Nonetheless, both positions are showing a combined unrealized loss of more than $3.5 million.
These contrarian moves from leading traders stand in contrast to the mass liquidations many suffered. Whether these whales have timed a bottom or are betting on new volatility will be revealed in time. The wide gap between those wiped out by leverage and those repositioning showcases the extreme stakes of crypto derivatives.
