A crypto wallet tracked for its profitable trading history has opened new 20x leveraged long positions in Bitcoin (BTC) and Ethereum (ETH) worth a combined $39.84 million.
The activity, reported by on-chain analytics service Lookonchain, identified wallet address 0x049b as the entity behind the large directional bet on the two largest cryptocurrencies by market capitalization. "A smart money trader is buying BTC and ETH again," the service noted in a post.
According to the data, the trader opened a long position on 269 BTC, valued at $19.92 million, and a separate long on 8,586 ETH, also valued at $19.92 million. The use of 20x leverage magnifies both potential profits and the risk of liquidation if the market moves against the position. This same trader has a documented two-month profit of $5.17 million across 47 trades, reflecting a 63.83% win rate.
The move is being watched by market participants as a strong bullish signal. The trader's established track record of success lends weight to the large, leveraged bet on price appreciation. Such a significant position by a demonstrably successful trader could influence wider market sentiment and potentially increase buying pressure for both Bitcoin and Ethereum in the short term.
This article is for informational purposes only and does not constitute investment advice.
