Ethereum News Today: As Trump's Tariffs Sink Crypto, One Trader's Longs Surge to $17M Profit

A seasoned crypto trader known as "0xc2a" has emerged as a standout performer in October's turbulent markets, amassing a $17 million profit through strategic long positions on Bitcoin and Ethereum. The trader's success underscores the volatile yet lucrative nature of crypto trading, particularly as geopolitical tensions and regulatory shifts continue to shape market sentiment.

According to blockchain analytics firm Arkham Intelligence, 0xc2a opened long positions on Bitcoin and Ethereum just before a market rebound in late October, capitalizing on a sharp sell-off triggered by President Donald Trump's announcement of a 100% tariff on Chinese imports. The move sent Bitcoin to a three-month low below $105,000 before it rebounded, gaining 4%, while Ethereum recovered 2%, according to a BeInCrypto report. During the downturn, 0xc2a quietly accumulated $131 million in ETH and $155 million in BTC, maintaining a 100% win rate since opening a Hyperliquid account two weeks prior, the BeInCrypto report adds.

The trader's actions align with broader market dynamics. Ethereum treasury firms, including Tom Lee's Bitmine, have aggressively accumulated ETH, overtaking Bitcoin in supply dominance. Publicly listed firms now hold 3.2 million ETH, or 0.40% of the total supply, compared to 0.36% for Bitcoin, according to a Yahoo Finance analysis. This trend reflects growing institutional interest in Ethereum's energy-efficient Proof-of-Stake model and its yield-bearing potential, particularly as regulatory clarity improves, the analysis notes.

Meanwhile, Bitcoin's recent resurgence has been fueled by optimism around Trump's planned trade talks with Chinese President Xi Jinping in South Korea. The White House confirmed the meeting on October 30, sparking a 1.6% rally in Bitcoin to $111,390, according to Barron's coverage. However, the market remains fragile, with over $20 billion in leveraged positions liquidated on October 10 amid the initial sell-off, the BeInCrypto report notes.

Whale activity has also shifted toward Solana, where a major trader recently liquidated Bitcoin and Ethereum to purchase 501,775 SOL for $99.65 million, according to a TradingView report. This move follows a surge in Solana's liquidity, as Circle minted $7.5 billion in USDC on the network within an hour, signaling a strategic effort to stabilize volatility, as Coinotag reported. Solana's ecosystem is further bolstered by the launch of the Bitwise Solana Staking ETF, which attracted $217.2 million in assets on its first day, TradingView noted.

The interplay between whale behavior and macroeconomic factors highlights the crypto market's complexity. Large holders, often seen as barometers for institutional sentiment, have historically influenced price trends. In October's case, the market's deviation from the "Uptober" narrative—traditionally a bullish period—has tested investor confidence, the BeInCrypto report observes. Yet, traders like 0xc2a and institutional moves toward Ethereum and Solana suggest cautious optimism amid uncertainty.

As the Trump-Xi meeting approaches, traders will closely watch for policy developments that could further impact crypto markets. For now, the success of strategic long positions and institutional accumulation underscores the sector's resilience, even as volatility persists.