Ethereum News Today: Buddy's ETH All-In: $13M Leveraged Bet Defies Market Downturn

Buddy Huang Licheng's high-stakes Ethereum (ETH) trading strategy has taken a dramatic turn amid a turbulent cryptocurrency market. The veteran trader, known for his aggressive leveraged positions, saw his 25x ETH long position fully liquidated on November 17 after the market downturn wiped out approximately $3.6 million in value. However, Buddy wasted no time in reopening a significantly larger position, betting on a rebound in ETH's price. His new 25x leveraged long position is now valued at $9.5 million, with an entry price of $3,052.67 and an unrealized profit of $126,000 as of the latest data according to reports.

The move underscores Buddy's reputation as a high-risk trader who doubles down on losses, a strategy that has drawn both admiration and criticism in the crypto community. Just days after the liquidation, HyperInsight reported that Buddy's position had grown further, with margin deposits pushing the total exposure to $13.57 million by November 18. This escalation came as Bitcoin (BTC) fell below $90,000 for the first time in nearly seven months, dropping over 28.7% from its cycle high. Analysts attribute the broader selloff to macroeconomic pressures, including a lack of sustained buying pressure and cross-asset adjustments in equities and gold.

Buddy's actions are part of a broader trend of whale activity in the ETH market. A separate on-chain analysis revealed that a $1.24 billion ETH whale had accumulated 13,117 ETH in the past 12 hours, bringing its total holdings to 19,199.91 ETH. This whale's average entry price of $3,057.78 has resulted in an unrealized loss of $1.59 million, yet the trader continues to add to its position amid the downturn.

Meanwhile, Hyperliquid's "ETH Max Long" position is facing an $15 million unrealized loss but remains active with a limit order to buy ETH at $3,860 for profit-taking as reported.

The market's volatility has also triggered institutional caution. SoftBank and Bridgewater Associates have reduced their stakes in NVIDIA, with SoftBank fully exiting a $5.8 billion position. In the crypto space, Coinbase's recent social media update-changing its X account bio to "December 17th"-has fueled speculation about a major product launch, potentially tied to its Base blockchain.

Buddy's latest ETH bet, while ambitious, carries significant risks. His liquidation price of $2,816 leaves little room for error in a market where sentiment can shift rapidly. If ETH's price fails to stabilize above $3,000, further margin calls could force a reversal of his strategy. For now, however, the trader's actions highlight the enduring allure of leveraged positions in a market where conviction often trumps caution.