Ethereum Updates: Ethereum Mirrors Gold’s 2024 Path as Major Investor Wagers $250 Million on Recovery

An influential crypto whale has established a leveraged long position totaling $250 million across

(BTC) and (ETH), with unrealized profits shrinking to $3.1 million by late October, based on on-chain data. This stands in contrast to the broader market’s volatility, where Bitcoin has dipped below its average cost, resulting in $6.95 billion in unrealized losses for other major holders, according to . The whale’s approach signals a bold wager on a crypto market rebound amid ongoing macroeconomic uncertainty and increased institutional involvement.

On-chain analysts have identified this trader as a significant figure in the derivatives space, holding a 15x leveraged long of 1,610.93 BTC (worth $173 million) and a 3x leveraged long of 19,894.21

(valued at $77.4 million), according to . Despite suffering losses of over $10 million during Bitcoin’s recent slide, the position has steadied as the market consolidates. This mirrors a wider trend among institutional and wealthy investors, who are shifting between defensive short positions and aggressive longs to take advantage of price movements.

The whale’s moves highlight a split in market sentiment. While some remain pessimistic—such as another whale who opened a $75.5 million 10x short on Bitcoin via Hyperliquid, as noted in the same Yahoo Finance article—others are betting on a possible Ethereum-led rally. Analysts cite Ethereum’s technical signals and growing institutional interest as key factors. For example, Bitmine Immersion Technologies recently purchased $251 million in ETH, adding 63,539 tokens to its reserves and emerging as a major institutional holder, similar to MicroStrategy’s approach with Bitcoin, according to

. This accumulation has driven Ethereum’s price toward $3,870, with bullish chart patterns indicating a potential rise to $4,440 soon, the Brave New Coin analysis suggests.

Ethereum’s recent price movement has drawn parallels to gold’s breakout in 2024, with leading analysts like Merlijn the Trader and Ali_charts pointing out structural resemblances, as referenced in

. “Gold paved the way. Ethereum is following. Identical setup and pattern,” Merlijn commented on X, suggesting that historical similarities could signal a surge to five-digit prices. Ethereum’s correlation with gold reached 0.7 in the third quarter of 2025, driven by ETF inflows and DeFi expansion. Should this pattern persist, Ethereum may reach five figures in the coming months, though Brave New Coin warns that Federal Reserve policy shifts could introduce volatility.

The whale’s activity also illustrates the divided sentiment in the crypto market. While some traders are shorting both Bitcoin and Ethereum, others are selectively optimistic about altcoins such as

(ENA), holding mixed positions totaling $70 million, as reported by Yahoo Finance. This split reflects a broader trend of targeted optimism amid economic headwinds, with investors hedging risks while seeking out specific opportunities.

Meanwhile, Bitcoin’s recent trend remains under strain. A $235 million 10x short position opened by a well-known whale earlier this month is currently profitable as Bitcoin trades near $108,000, according to Yahoo Finance. This follows the trader’s earlier $200 million gain from shorting Bitcoin’s drop to $100,000, further establishing their reputation as a savvy market participant. However, newer Bitcoin whales are facing steep unrealized losses, with CryptoQuant reporting that large holders have been underwater since October 2023, as highlighted by Yahoo Finance.

The ongoing tug-of-war between institutional accumulation and speculative trading is shaping the market’s short-term direction. While Ethereum’s technicals and institutional buying hint at a possible recovery, Bitcoin’s movement is still limited by its average cost and macroeconomic pressures. As whales continue to take opposing positions, the next few weeks will reveal whether the market can break out of its current consolidation or slip deeper into bearish territory.