"Bitcoin OG Insider Whale" increases ETH long positions, reduces BTC holdings, with on-chain assets still exceeding $5.7 billion

According to tracking by Coinbob and Arkham, the “BTC OG Insider Whale” has recently made significant adjustments to contract and spot positions: further increasing ETH long positions and reducing BTC spot holdings.

(Previous context: Robinhood competing for crypto whales: slashing fees for US users, launching new perpetual contracts with high leverage for XRP, SOL, DOGE, SUI in the EU) (Background: Bitcoin drops below $91,000, Ethereum holds the $3,000 line, Hyperliquid sees intense whale battles)

Based on Coinbob’s popular address monitoring on December 9, the “BTC OG Insider Whale” (0xb31)’s floating profit on ETH long positions has dropped to about $3.45 million (about 8%), at an average price of $3,068, with a position size of approximately $217 million. At 11:00 that day, a limit order was set to buy 2,000 ETH at around $3,120 (about $62.4 million), which was fully executed. The current total long position is 7,000 ETH.

The report cites Arkham tracking, showing that since August, this address’s BTC holdings have dropped from 88,000 to 37,000 coins; estimating with BTC at $100,000, that’s about a $5.1 billion reduction. The on-chain address currently still holds multiple assets worth about $5.7 billion, including about $3.32 billion in BTC and $1.83 billion in ETH.

Contract Record: 6 Wins, 1 Loss This whale’s contract trading record on Hyperliquid since the first order is 6 wins and 1 loss, as follows:

August 21: Opened $30 million ETH long, closed on August 25, profit. October 11: Two addresses opened $110 million in BTC and ETH shorts; on October 11, (0x2eA) closed, on October 13, (0xb31) added more, all closed by October 15, profit. October 20: Opened $30 million BTC short, closed on November 23, profit. November 4: Opened $20 million BTC long, closed on November 8, loss. November 25: Opened $10 million ETH long, closed on November 28, profit. November 29: Opened $3 million ETH short, closed the same day, profit. December 7 to present: Opened $70 million ETH long, currently floating profit.

On-Chain Moves: Shifting from BTC to ETH Large on-chain movements demonstrate capital reallocation:

August to October: Continuously swapped BTC for ETH, BTC holdings decreased from 88,000 to 50,000; purchased about $5 billion in ETH via Hyperunit. October 16: Transferred 2,000 BTC to Coinbase (BTC was about $111,000 that day; about $103,000 on the evening of the 17th). October 21: Transferred 3,000 BTC to Binance. October 22 to November 2: Transferred a total of 1,900 BTC to Kraken. December 1: Used ETH as collateral to borrow over 220 million USDT, later transferred to Binance; ETH hit a low of $2,720 that day.

This OG address, dormant for 8 years and once holding over 50,000 BTC, has recently maintained a high win rate in contracts and flexibly switched between spot and leverage. Many actions coincided with shifts in US policy tone or major market events, such as opening $500 million in BTC shorts just hours before the “10.11” crash, reportedly earning nearly $100 million.

Related reports: 41 Developers Support a $1.7 Trillion Empire: Full Analysis of Bitcoin Core Developer Team and Funding Structure Philippine digital bank GoTyme launches Bitcoin and Solana trading, 8 million users can buy with one click

The article “BTC OG Insider Whale Increases ETH Longs, Reduces BTC Holdings, On-Chain Assets Still Exceed $5.7 Billion” was first published on BlockTempo, the most influential blockchain news media.