Ethereum News Update: While Trump’s Tariffs Weigh Down Crypto, A Trader’s Long Positions Skyrocket to $17 Million in Gains
An experienced cryptocurrency trader identified as "0xc2a" has distinguished themselves in the volatile October market, earning $17 million in profits by making well-timed long bets on
Data from blockchain analytics provider
This trader’s moves reflect broader trends in the market. Ethereum treasury organizations, including Tom Lee's Bitmine, have been aggressively accumulating ETH, surpassing Bitcoin in terms of supply held. Publicly traded companies now possess 3.2 million ETH, representing 0.40% of the total supply, compared to Bitcoin’s 0.36%, according to a
At the same time, Bitcoin’s recent rally has been driven by renewed optimism over President Trump’s upcoming trade negotiations with Chinese President Xi Jinping in South Korea. The White House confirmed the meeting would take place on October 30, prompting a 1.6% increase in Bitcoin’s price to $111,390, according to
Large-scale investors have also shifted their focus to
The interaction between major holders and broader economic forces illustrates the intricate nature of the crypto market. These large investors, often seen as indicators of institutional sentiment, have historically played a key role in shaping price movements. In October, the market’s departure from the typically bullish “Uptober” trend has challenged investor confidence, as BeInCrypto observes. Still, traders like 0xc2a and the growing institutional interest in Ethereum and Solana indicate a cautious sense of optimism amid ongoing uncertainty.
With the Trump-Xi summit on the horizon, market participants will be monitoring policy updates that could further influence the crypto landscape. For now, the profitability of well-placed long trades and continued institutional accumulation demonstrate the market’s resilience, even as volatility remains high.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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