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HyperUnit, a prominent cryptocurrency whale, opened $55 million in long positions, betting on a rise in the prices of Ethereum and Bitcoin. The trader, known for earning $200 million during last month’s market crash caused by US-China tariffs, is now preparing for price increases on the decentralized derivatives exchange Hyperliquid.

Arkham revealed the whale’s new holdings: a $37 million Bitcoin long and an $18 million Ethereum long.

HyperUnit executed two more profitable short positions, raising doubts in Arkham’s mind about whether the trader would succeed for a fourth consecutive time.

The whale has gained considerable attention due to its history of accurate market predictions. According to Bitwise CEO Hunter Horsley, the recent market correction has largely been caused by original Bitcoin whales. He clarified on Saturday that these investors have lives outside of holding cryptocurrency assets and that it can be emotionally draining for them to remain in the market after earning 100x or 1000x returns.

Data from CryptoQuant shows that long-term investors sold 405,000 Bitcoin from around October 2 through November 2.

Horsley emphasized that many of the largest holders do not plan to sell all their holdings, recommending strategic portfolio management as an alternative to complete exit strategies. Santiment, a blockchain analytics platform, noted that there are 208,980 fewer Bitcoins on exchanges than six months ago, suggesting that most of the market pain may already have been felt. Despite this, the market value of Bitcoin has decreased by 14% since its peak on October 6. The fact that Bitcoin is largely off exchanges is viewed as a positive sign.