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

and . This achievement highlights both the risks and rewards inherent in crypto trading, especially as global politics and regulatory changes continue to influence investor sentiment.

Data from blockchain analytics provider

Intelligence reveals that 0xc2a entered long trades on Bitcoin and Ethereum just ahead of a late October market recovery, taking advantage of a steep decline that followed President Donald Trump's announcement of a 100% tariff on Chinese goods. This announcement pushed Bitcoin to a three-month low beneath $105,000 before it rebounded by 4%, while Ethereum climbed 2%, according to a . During the downturn, 0xc2a discreetly acquired $131 million in and $155 million in BTC, maintaining a flawless win record since opening a Hyperliquid account two weeks earlier, as reported by BeInCrypto.

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

. The analysis points to increasing institutional interest in Ethereum’s energy-saving Proof-of-Stake system and its yield opportunities, especially as regulatory frameworks become clearer.

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

. Nevertheless, the market remains unstable, with more than $20 billion in leveraged positions wiped out on October 10 during the initial sell-off, as noted by BeInCrypto.

Large-scale investors have also shifted their focus to

, where a significant trader recently sold off Bitcoin and Ethereum to acquire 501,775 SOL for $99.65 million, according to a . This transaction came after a spike in Solana’s liquidity, with Circle minting $7.5 billion in on the network within just one hour, indicating a calculated move to manage volatility, as . Solana’s ecosystem received further support from the launch of the Bitwise Solana Staking ETF, which attracted $217.2 million in assets on its first day, according to TradingView.

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.