Big Whales Drive Crypto Market Activity with Multi-Million Dollar Trades

Three large investors have been spotted making significant trades in various cryptocurrencies and tokens. One whale, tracked by Lookonchain and associated with the address '0xedcd,' has made a substantial profit on Ethereum (ETH). The investor opened a long position of 20,000 ETH when the price was around $1,936, growing it to approximately $50 million.

The whale's unrealized profit reportedly exceeded $11 million. After successfully trading in ETH, the investor turned its attention to Solana (SOL), opening a new long position of 100,000 SOL using 20x leverage. The entry price was approximately $104.5, and the total position size was calculated at $10.45 million.

Another large investor has been buying up Hyperliquid's native token, HYPE. This whale or institution may be connected to a16z, although this claim has not yet been definitively confirmed. The investor had previously purchased $24 million worth of HYPE tokens in June when the price was approximately $68.7.

Over the past 24 hours, a total of 36 million USDC has been deposited into the Hyperliquid platform via 12 different addresses believed to be linked to the investor. Approximately $24 million of these funds have been used so far to purchase HYPE, with an average purchase price of approximately $81.5.