Whale activity is drawing fresh attention across the crypto market as large traders place leveraged bullish bets on major altcoins. According to on-chain data highlighted by commentator @lookonchain, a Matrixport-linked whale deposited $10 million in USDC and opened a 20x long position on 7,000 ETH, signaling a potential bullish outlook. The same whale previously navigated a volatile trading journey from a $92.5 million loss to a $27.9 million profit, underscoring the high-risk nature of leveraged crypto trading.
In a separate development, crypto market commentator BankXRP reported that an XRP whale built a $48.41 million leveraged long position over seven days. The trader entered near $1.10, gradually added exposure as XRP advanced, and lifted the average entry price to $1.2533. Using 10x leverage, the position carried an unrealized profit of approximately $9.00 million at a mark price of $1.382, with liquidation at $0.935, leaving significant room before forced liquidation. BankXRP described the move as conviction rather than short-term pump chasing, since the whale held through volatility instead of taking early profits.
The XRP whale's stance contrasted with broader leveraged activity on Bitfinex. Bitfinex XRP longs climbed 31.63% from 4.9 million in June to an August peak of 6.45 million, then retreated 12.87% to 5.62 million XRP as traders reduced exposure. XRP traded near $1.41, recording a 1.61% decline during that adjustment, while the whale maintained the large profitable position. Meanwhile, the Matrixport-linked USDC deposit may serve as stablecoin collateral for the ETH long. USDC, issued by Circle, is designed to maintain a 1:1 peg with the US dollar, making it a popular source of stablecoin collateral. Traders are watching whether these large positions attract additional buying interest in Ethereum, XRP, and other major assets.
