Whales Take Sides Post-Crash as Big Bets Hit BTC, ETH, and ENA

The crypto market experienced a modest recovery over the weekend after a week of downward movement. Whale activity surged in both derivatives and spot markets as traders reacted to recent volatility. Some whales took bearish positions, opening short positions on BTC, ETH, and ENA, while others became bullish, establishing long positions. Notably, one whale who initially shorted BTC flipped bullish, while another deposited $30 million USDC for a short position on BTC. Despite some bearish sentiment, confidence in Ethena (ENA) remained, with some traders maintaining long positions. In spot markets, Ethereum treasury firm BitMine added $1.5 billion worth of ETH to its holdings, and El Salvador increased its Bitcoin reserves. Overall, the market shows a divided yet dynamic landscape, with whales both betting on further declines and quietly accumulating assets.

(Source：BeInCrypto)