On Thursday, a crypto whale with a strange hot streak came back to the market with about $275 million in new leveraged long positions on Bitcoin, Ethereum, and Solana.
The trader, who had made 12 profitable trades since mid October for more than $12 million in gains, took advantage of the dip when Bitcoin fell below $108,000.
Trade entries were mostly around $110,123 for Bitcoin, $3,874 for Ether, and $198 for Solana.
As the market as a whole fell, those levels quickly came under pressure, and by the afternoon, the account was down more than $10 million.
The real time swings showed how quickly leverage can turn a perfect track record into a test of faith when liquidity dries up.
People on social media who weren’t verified tried to link the wallet to political insiders, but there is no public evidence to back up that claim, and there have been previous denials on the chain.
The only thing we can be sure of right now is the footprint on derivatives venues and when it happened.
The whale stepped in after a quick rise in large cap tokens earlier this month and as funding became less stable across major perpetual swaps.
In 2025, Solana was especially good at measuring sentiment because of the upgrades to throughput and the launches of new ecosystems.
Many well known investors have spoken out about its momentum, and there is a widely held belief that Michael Novogratz says Solana is about to see a flood of billions.
If the spot price goes down and the open interest stays high, forced selling can happen when margin levels fall and spreads widen.
If bids come back and funding returns to normal, the same leverage can speed up a rebound as shorts cover into strength.
Either way, traders with shorter time frames have to pay attention to levels that are linked to the whale’s entries and keep an eye on changes in position size or collateral.
Bitcoin’s fall below $108,000 is also a reminder that headline levels are more about how people feel than how they are built.
Support and resistance move with positioning, and today’s flows show that the market is testing how committed late longs are after a strong year to date advance.
Ether’s sensitivity to staking flows and exchange reserves is another factor, and Solana’s sharp daily ranges keep it at the centre of momentum strategies.
There is no way to know for sure that the whale’s streak will keep going until the next trade ends in the red, a 100% win rate is just a curiosity.
Who is on the other side of the trade doesn’t matter as much as how much you are willing to risk, how much collateral you have, and what you will do if things go wrong.
