"Die-Hard Bull" Whale Adds to ETH and BTC Longs, Account Total P&L Surpasses $3.5M

A prominent crypto whale has increased its long positions in both Ethereum and Bitcoin, with the account’s total profit and loss (P&L) reaching over $3.5 million. This move comes as broader market trends show significant inflows into digital assets and a shift in investor focus. The whale’s activity reflects growing confidence in the two leading cryptocurrencies despite recent volatility.

The whale’s strategy contrasts with another large investor who lost over $42.7 million this year by betting on a basket of altcoins. The latter’s positions were liquidated multiple times during a recent market downturn. Despite a rebound in the market, the whale failed to recover effectively, highlighting the risks of concentrated altcoin exposure.

Ethereum and Bitcoin spot ETFs recorded combined net inflows of $645.8 million on the first trading day of 2026. Bitcoin ETFs alone brought in $471.3 million, the largest inflow in 35 trading days.

This surge indicates strong investor interest in the two leading digital assets as the new year begins.

Why Did This Happen?

The whale’s decision to add to ETH and BTC longs appears to be driven by a combination of on-chain data and momentum indicators. On-chain analysis suggests one of the largest whale accumulation phases in over a decade. At the same time, both Bitcoin and Ethereum are rebounding from deeply oversold levels, signaling potential for further gains.

Market participants are also reacting to the broader macroeconomic environment. The Federal Reserve injected nearly $19.5 billion through repo operations in early January, providing liquidity that supports risk assets. This move appears to have benefited digital assets, including Bitcoin and Ethereum, as prices rose on the back of increased market participation.

How Did Markets Respond?

Bitcoin’s price climbed to over $90,000 in early January, up more than 5.8% for the month. Ethereum also showed strong performance, with the token trading above $3,100 and signaling potential for further upside. Analysts are watching the $3,250 level as a near-term target for ETH before it could approach the December 11 high of $3,450.

Bitcoin dominance slipped under 60% as capital rotated into altcoins and Ethereum. This shift marks a significant change from the previous months of bearish sentiment. Traders and analysts are interpreting the move as a sign of a maturing market, with investors looking to diversify beyond Bitcoin.

A whale opened long positions worth over $600 million in ETH, far exceeding exposure to Bitcoin and Solana combined. This large bet signals strong conviction in Ethereum’s near-term prospects. With over 203,000 ETH in play, the whale is clearly betting on further price appreciation.

What Are Analysts Watching Next?

Market observers are closely monitoring whether the early 2026 gains in Bitcoin and Ethereum can be sustained. While Bitcoin is up 6% year-to-date, historical patterns show that weekend price surges often reverse on Monday trading. Whether this latest move will hold depends on broader investor sentiment and macroeconomic factors.

Ethereum’s strong technical structure has also drawn attention. Traders are watching the $3,250 level as a key indicator of whether the altcoin will continue its upward trend. If Ethereum breaks through that level, it could signal broader bullish momentum for the rest of the market.

Investors are also paying attention to whale activity and ETF flows. If large investors continue to accumulate Bitcoin and Ethereum, it could reinforce a positive narrative for the first half of 2026. However, if altcoin exposure increases without a corresponding rise in Bitcoin dominance, it may indicate a shift in market leadership.

The start of 2026 has highlighted a market in transition. As capital continues to shift between digital assets and traditional markets, the coming weeks will be crucial in defining investor positioning for the year ahead. The performance of Bitcoin and Ethereum will likely play a central role in determining whether the current bullish momentum can be maintained.