Whale Adds Margin as Floating Loss Expands

According to Coinbob address tracking, the address known as the 'BTC OG Insider Whale' (0xb31) deposited approximately $20 million into Hyperliquid early on January 26. This margin remains unutilized. Currently, the floating loss on its long positions has expanded to $80 million, with a weekly equity drawdown reaching $120 million.

To date, the cumulative funding fee loss has reached $8.1 million, primarily driven by losses from ETH long positions. The whale’s total open position size stands at around $785 million, making it one of the largest ETH and SOL long holders on-chain.

Major Long Position Breakdown

  • 5x ETH Long: Position size of $634 million, average entry price of $3,161, floating loss of $71.5 million (56% loss), and a liquidation price of $2,192;
  • 5x BTC Long: Position size of $87 million, average entry price of $91,500, floating loss of $4.4 million (25% loss);
  • 10x SOL Long: Position size of $62 million, average entry price of $130, floating loss of $4.62 million (74% loss).

Historical Trading Overview

Back on December 7-8, the whale gradually transferred $70 million from its Binance wallet to Hyperliquid before opening a 5x leveraged ETH long position at an average price of $3,048. Within a week, it added another $230 million to increase exposure. Its last major adjustment was on December 28, when it reduced the SOL long leverage from 20x to 10x. This recent deposit marks the whale’s first major activity since then.

Whale Background

The 'BTC OG Insider Whale' originally held over 50,000 BTC and remained dormant for more than eight years before gradually shifting part of its BTC holdings into ETH. Its trading moves often align closely with Trump’s public statements and U.S. policy developments. Before the market crash on October 11, the whale opened a $500 million BTC short position hours prior, netting nearly $100 million in profit—a move that drew significant market attention. BitForex CEO Garrett Jin once indicated a possible link between this address and some of its clients.