On March 16, on-chain analytics revealed a significant surge in bullish positioning for Ethereum by a high-profile whale address (0xa5b0). The wallet now holds a massive long position valued at $203 million in ETH, with unrealized profits expanding to over $16 million—drawing sharp attention from market observers.
Dual Exposure to ETH and BTC Signals Strong Bullish Outlook
This address has emerged as the largest long holder of both Ethereum and Bitcoin on the Hyperliquid platform, reflecting a strategic bet on the continued strength of major cryptocurrencies. Key positions include:
- 15x leveraged ETH long: Holding approximately 70,000 ETH (~$152M), opened at an average price of $1,991, currently sitting on $13M in unrealized gains (128% return);
- 20x leveraged BTC long: Backed by ~700 ETH (~$50.8M), entered at $68,420 per BTC, with $2.93M in unrealized profits (114% increase).
Proven Track Record and Strategic Capital Inflows
The whale previously built and fully exited a nine-figure ETH long position in February 2024, locking in substantial returns. This recent re-entry suggests a calculated reengagement with the market.
Notably, the wallet has received multiple inflows linked to Matrixport-affiliated addresses, hinting at possible institutional coordination. Such large-scale activity often precedes broader market momentum, indicating that sophisticated capital may be preparing for the next leg of the bull cycle.