Bitcoin OG Doubles Down on ETH Amid Market Volatility Despite $30M Unrealized Loss

Bitcoin Veteran Ups ETH Exposure Amid Market Downturn

Chain analysis reveals Bitcoin OG (10/11) has aggressively expanded their leveraged ETH long position during recent market volatility, maintaining a 5x leveraged strategy despite challenging conditions.

Portfolio Breakdown

The whale's holdings now include:

• Ethereum (ETH): 212,726 ETH (~$643M)
• Solana (SOL): 511,612.85 SOL (~$66M)
• Bitcoin (BTC): 572.71 BTC (~$51.09M)

Significant Unrealized Losses

While holding a substantial crypto portfolio, this investor currently faces approximately $29.79M in unrealized losses. The leveraged position has also accumulated over $8M in funding rate payments.

Bullish Signal or Risky Gamble?

This contrarian move suggests strong conviction in Ethereum's ecosystem potential despite broader market uncertainty. Whether this strategy pays off will depend on future market dynamics and ETH price performance.