Undercurrent Surge: Crypto Giant Whales Trigger Another Accumulation Wave

The market was calm as water after the Federal Reserve’s rate decision in the early morning, but several whale addresses transferred hundreds of millions of dollars to exchanges, revealing an unseen capital tide on the chain.

As of the morning of December 11, an address known as “1011 Insider Whale” held approximately 120,000 ETH, with a total value approaching $400 million. Its 5x leveraged long position has an unrealized profit of over $12 million.

Another highly watched “BTC OG Insider Whale” has undergone a large asset reorganization in recent months, reducing its BTC holdings from 88,000 to about 37,000 and converting most of the funds into ETH, involving tens of billions of dollars.

1. Market Background

● In the early morning, the Federal Reserve announced the latest rate decision, lowering the benchmark rate by 25 basis points to 3.50%-3.75%. This rate cut, in line with market expectations, did not trigger significant volatility in the cryptocurrency market. While macro news became clearer, market technical signals presented a complex picture.

● Bitcoin’s price fell below 91,000 USDT on December 11, with a daily decline of 1.11%. More notably, some analysts observed that Bitcoin formed a “bear flag pattern” on the daily chart.

● This technical pattern suggests that if Bitcoin’s price breaks below the lower boundary of the flag, around $90,000, it could further decline toward approximately $67,000, representing a potential drop of about 25% from the current price.

2. Latest Whale Movements

In such a complex market environment, crypto whales have not chosen to wait but have actively positioned themselves.

● “1011 Insider Whale” significantly increased its holdings by 20,000 ETH between 1:32 and 2:32 am Beijing time on December 11, bringing its total leveraged ETH long position to 100,985 ETH.

Based on current prices, these ETH are worth about $335 million, with an opening average price of $3,158. The position has an unrealized profit of $17.05 million, with a return of 25.45%.

● Almost simultaneously, another address known as the “Insider Whale” also added 19,108.69 ETH.

This address now holds a total of 120,094.52 ETH, valued at about $392 million, with an average opening price of $3,177.89. Its unrealized profit is approximately $10.13 million.

● Both whales used 5x leverage, with liquidation prices as low as $2,015 and $2,234, respectively, indicating strong confidence that ETH prices will not fall below these levels.

3. Whale Operation Strategy Analysis

A deep analysis of these whale operations reveals that they are not blindly betting but follow a clear strategic logic.

● The “BTC OG Insider Whale” demonstrates more complex capital operations. During the market crash on December 1, this whale collateralized ETH to borrow over 220 million USDT and then transferred these funds to trading platforms.

● This was evidently preparation for subsequent actions. On December 7, the whale used $70 million to open an ETH long position. This operation exemplifies a typical event-driven strategy—positioning ahead of major macro events (such as the Federal Reserve rate decision) expecting the event to catalyze market movement in a specific direction.

● Recordings show that since August 21, this whale has made seven major contract trades, with six profitable and only one at a loss. This track record includes successfully shorting before the October plunge and precisely timing a market rebound at the end of November.

4. Cross-Asset Allocation

Besides focusing on ETH, whales are also seeking opportunities in other asset classes.

● In the early morning of December 11, a whale withdrew 101,365 SOL from the Kraken exchange, valued at about $13.89 million. This whale currently holds a total of 628,564 SOL, worth roughly $84.13 million, mostly stored in private wallets, with some staked.

● Such token transfers from exchanges to private wallets are often seen as a sign of long-term holding, implying these assets are unlikely to be sold in the short term. Looking at longer-term on-chain data, whales’ allocations are more extensive than in a single asset. In the payments/cross-border settlement sector, XRP has become whales’ favorite.

● Over the past 30 days, addresses holding between 100 million and 1 billion XRP increased their holdings by 970 million XRP, while addresses holding over 1 billion XRP also increased by 150 million XRP. These increases may be related to the gradual realization of XRP ETF expectations.

5. Market Structural Changes

Large-scale whale operations are quietly changing market structure, especially the distribution of ETH holdings.

● After “1011 Insider Whale” and “Insider Whale” each increased their ETH holdings by several ten thousand, their respective holdings reached over 100,000 and 120,000 ETH. This means these two whales control over 220,000 ETH, valued at more than $700 million at current prices.

● Such highly concentrated holdings could have dual effects: on one hand, their large purchases support the market; on the other hand, such concentration could become an unstable factor during future market volatility.

● Market data shows that whale accumulation contrasts sharply with ordinary investors’ behavior. According to Glassnode’s latest report, the BTC spot accumulation delta indicator has further declined over the past week, pointing to stronger potential selling pressure.

6. Risks and Outlook

● While whale operations are eye-catching, they come with significant risks. Most use leverage of 3-5x, which, while not extreme in crypto markets, can still lead to quick liquidations during sharp volatility.

● For example, the “1011 Insider Whale” has a liquidation price as low as $2,015 for its ETH long. This means a roughly 38% drop in ETH price could force a margin call, potentially triggering a chain reaction.

● Overall, despite active accumulation by whales, multiple indicators suggest the market remains under pressure. For instance, the Bitcoin spot ETF fund flows continue to decline, with $60 million flowing out in just one day on December 9.

● Analysts point out that the lack of new buyers and weakening ETF demand are key factors preventing Bitcoin from breaking above $93,000. Without fresh capital inflows, relying solely on whale support may be insufficient to sustain a long-term upward trend.

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