Mysterious BTC OG whale reduces $14.06 million in ETH long positions to take profit, unrealized gains narrow from $6 million to $3.3 million

[BlockBeats] The mysterious giant whale who resurfaced after eight years of silence has made new moves recently.

In the past nine hours, the address 0xb31, labeled as a “BTC OG Insider Whale,” chose to partially take profits during a minor ETH pullback. The whale reduced holdings by $14.06 million, pocketing a profit of $304,000. The current position size is still $155 million, but unrealized gains have narrowed from yesterday’s peak of $6 million to $3.3 million. The average entry price is locked at $3,048, with the liquidation level set at $1,678.

Let’s recap the timeline. From the evening of December 7 to the early hours of December 8, the whale transferred $70 million in batches from a major exchange wallet to Hyperliquid, then immediately opened a 5x leveraged long position on ETH—this was their largest trade in the past month. Earlier, on December 1, several related addresses (0xf6f, 0xF74, 0x411) borrowed $220 million USDT from Aave and deposited all of it into a major exchange wallet. The 0xf6f address alone collateralized over 126,000 ETH. On that day, ETH had just touched a ten-day low of $2,718, and then started to rally.

This address has quite a background: it held over 50,000 BTC in the early days and resurfaced after eight years of inactivity, with trading moves often coinciding with Trump’s statements and US policy shifts. The most noteworthy case was on October 11, when the whale opened a $500 million BTC short position just hours before a major crash, ultimately profiting nearly $100 million—a move that rocked the entire market. BitForex CEO Garrett Jin once mentioned that this address is linked to one of their clients.

It now appears that this whale is still at the table, just playing more cautiously.