Mysterious whale bought the ETH dip last night: $166 million leveraged long at 5x, is this wave about to take off again?

[Bitpush] Last night, after ETH dropped below $2,900, it started to rebound, and a big whale took the opportunity to buy the dip.

This wallet address (0xb31) started moving at 11 PM yesterday, first transferring $70 million from a major exchange to a derivatives platform, then directly opening a 5x leveraged long on ETH. He kept adding to the position, and now the total position is $166 million with an average entry price of $3,048. He’s already sitting on an unrealized profit of $940,000. The liquidation price is at $1,795, which means there’s a decent safety buffer.

This is his most aggressive position opening in the past month.

Looking at the history, this guy made two swing trades on ETH in November—first going long on November 25, then switching to short on the 29th. After making a small profit, he closed out everything on the 30th. On December 1, several addresses associated with him (0xf6f, 0xF74, 0x411) borrowed $220 million USDT from Aave and sent it to a major exchange. At that time, ETH had just dropped to around $2,718, the lowest point in about 10 days, after which it started climbing. The 0xf6f address alone collateralized over 126,000 ETH.

This person has a legendary background—the wallet was dormant for 8 years and is an old OG who held over 50,000 BTC in the early days. His trades often align perfectly with certain policy shifts. For example, a few hours before the big drop on October 11 this year, he set up a $500 million BTC short and ended up making nearly $100 million, which shocked the market. Later, BitForex CEO Garrett Jin admitted there was a connection with this address.

Now he’s going heavy long on ETH again. Not sure what signal he’s picked up this time.