Whales Unleash Buying Frenzy on Altcoins
Large investors in the cryptocurrency market have been actively buying and selling altcoins. According to on-chain data and market monitoring platforms, three high-volume whales have taken significant positions in Ethereum (ETH), Solana (SOL), Hyperliquid's native token HYPE, and CXMT.
The first whale made a profit by opening a long position in ETH when the price was around $1,936. The position grew to approximately $50 million, with an unrealized profit of over $11 million.
After successfully trading in ETH, this investor turned to Solana and opened a new long position of 100,000 SOL using 20x leverage. The entry price was approximately $104.5, making the total position size around $10.45 million.
The second largest whale has been aggressively purchasing HYPE tokens. It is suggested that this investor or institution may be connected to a16z, but this claim has not been confirmed.