A crypto whale that sold its Ethereum bottom-fishing position three days ago has pivoted to crude oil longs, accumulating $51.56 million in positions with $1.9 million in unrealized profit as oil prices climbed approximately 4% on October 23.
The whale originally purchased ETH at $1,647 and exited the position after capturing $8.99 million in gains. Proceeds were redeployed into energy markets, split between $30.78 million in CL crude oil contracts and $20.78 million in Brent oil contracts. The recent rally in oil prices has further expanded the trader's paper profits on these leveraged long exposures.
Whale Dumps ETH Position for $51M Crude Oil Longs, Nets $1.9M Unrealized Gain on 4% Oil Rally
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