On-chain data reveals a significant shift in strategy from a high-profile trader, previously known for a massive $197 million Bitcoin short. The wallet, identified as "BitcoinOG" or "1011short," has pivoted to building large leveraged long positions in altcoins, most notably executing a concentrated buy of 850 SOL perpetual contracts within a single hour on December 25th. The median fill price for this burst of activity was approximately $123.12.
The trader's campaign extends beyond Solana. Analysis of the wallet's activity on the Hyperliquid derivatives platform shows it prepared by depositing a net inflow of roughly $291.5 million in USDC throughout December. The wallet placed large limit order "ladders" across multiple assets, including blocks of 1,000 BTC (valued around $91.54 million) near $91,600 and significant ETH orders. For SOL, it posted limit orders for 250,000 SOL between $135.50 and $139.00, plus 60,000 SOL near $124.
This move signals a broader risk-on appetite among large players. The trader's account-level leverage is reported in the low single digits, but the positions carry meaningful funding costs. Analysts interpret this aggressive positioning as a bet that the coming weeks will reward risk-taking, a sentiment supported by data showing Binance recently overtaking CME in Bitcoin futures open interest, indicating leverage flowing into crypto-native venues.
Concurrently, other whales are taking the opposite stance on a specific altcoin. Separate on-chain reports from December 30th highlight two large traders deploying leveraged short positions against $LIT on Hyperliquid. One whale (0x47e) deposited $2 million USDC to open a 3x leveraged short, while another (0xd6b) deposited $1.5 million USDC for a similar 3x short, representing over $3.5 million in combined bearish bets. Both positions were reportedly in profit at the time of reporting, with unrealized gains up to $22,000.
The key risks for the large long portfolio are identified as sustained positive funding rates and high asset correlation. If the market chops sideways, funding costs could erode the position. A broad, correlated sell-off could hit the multi-asset basket simultaneously. For $LIT, the concentrated short interest raises the potential for heightened volatility and a possible short squeeze if the price moves against the whales.
