The hottest high-stakes wallet on the market has just stepped up its massive Ethereum longs. Trader BitcoinOG (1011short) increased his already huge long exposure by 12,406 ETH, bringing his total ETH holdings to approximately 203,341 ETH, or approximately $577.5 million. Additionally, he continues to own 250,000 SOL ($30 million) and 1,000 BTC ($87 million), both of which are leveraged.
huge long open
This wallet has caused over $70 million in losses to date. A few weeks ago, there was more than $120 million in unrealized gains. The aggressiveness of his positioning is clear from that swing. There are no hedges, no one-sided exposure and no heavy margin usage. This trader is fully committed to a market that has lost momentum and is having difficulty recovering its structure.
How will this affect Ethereum?
First of all, this does not immediately make us optimistic for ETH. Large positions don’t just exist, they impact the market when you are forced to react. This position acts as a temporary stabilizer as long as the solvent remains. Liquidation zones are known to market makers, and prices frequently move toward areas where large players survive or are squeezed. That in itself could cause a short-term rebound or slow down the decline.
Second, this increases the gravity of liquidation. As ETH continues to fall and approaches the liquidation threshold for this wallet, volatility will increase rapidly. It will not be easy to forcibly liquidate even a portion of ETH positions worth more than $500 million. Spread across funding, order books, and sentiment in just minutes. That’s the risk side, and it’s very real.
Third, this trade reflects the broader perception that ETH is closer to a local bottom than a breakdown point. This paper is about stabilization, not moonshots. Timing is very important. The RSI is not screaming about overextension, momentum is weak but not collapsing, and Ethereum is already hovering near the potential demand zone. Survival is the top priority for traders, followed by recovery.
Ethereum is currently in a situation where the big bucks either look very smart or face serious consequences. In any case, ETH will not remain silent for long.
