A Well-Known “50x ETH” Whale Has Made Waves in the Cryptocurrency Market

A well-known “50x ETH” whale has made waves in the cryptocurrency market with a series of high-stakes trades

A well-known "50x ETH" whale has been stirring the cryptocurrency market with a series of high-stakes trades, showcasing the massive influence that large investors can have on the price movements of tokens.

Yesterday, this whale sold off a substantial portion of its $LINK holdings, offloading a total of 1.34 million $LINK tokens on-chain for $18.36 million, at an average price of around $13.7 per token. However, the move was not without its consequences, as the whale faced a loss of $512,000, representing a 2.7% decline in its position.

Concurrently, the whale was making another set of intricate trades that proved its skill in steering through the tumultuous seas of cryptocurrency. This time, the whale closed its $LINK longs on the decentralized exchange GMX, realizing a profit of $195,000. But lo and behold, right after this, the whale flipped its $LINK longs on Hyperliquid into a $BTC short position—exactly what a whale should do if it wants to remain a whale. This trade is currently showing an unrealized profit of $290,000.

At this crucial moment for Chainlink and Bitcoin, the market is undergoing some substantial shifts. Chainlink, which is famous for its decentralized oracle services, is just now completing a major unlock of its $LINK tokens. Also during this timeframe, Bitcoin has experienced a move upward of more than 4% and is once again closing in on the almost mythical $85,000 level.

Whale’s $18M Dump Amid Chainlink’s Unlock and Bitcoin’s Surge

Deciding to offload 1.34 million $LINK tokens at a price of ~$13.7 was a calculated move by the whale that reflects the market’s broader dynamics. With the price of $LINK dropping a bit, the whale selling served as a sort of market indicator that $LINK just wasn’t going to hold its price, especially considering that at the same time, Chainlink was undergoing a massive token unlock. That’s where a huge portion of previously locked tokens gets released back into circulation.

Token unlocks usually increase supply and tend to hit prices.

This whale didn’t wait; it sold before the unlock surge could further depress prices.

The "50x ETH" whale dumped 1.34M $LINK on-chain for $18.36M at ~$13.7 in the past two hours, losing $512K (-2.7%).

At the same time, the whale closed its $LINK longs on #GMX for a $195K profit and flipped its $LINK longs on #Hyperliquid into BTC shorts (40x leverage), now showing an unrealized profit of $290K.

This move comes amid Chainlink's mainnet token unlock event and Bitcoin rising more than 4% today, almost touching the $85K mark again.

The situation in the world of cryptocurrency stays dynamic, and only time can reveal whether the successful maneuvers of the whale will prove profitable in the long run or if the market’s wild swings will cause a reversal of outcomes.

This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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