The pseudonymous trader credited with shorting the October 10 market collapse, netting a reported $192 million profit, has aggressively reversed bias, building a leveraged long portfolio now valued at nearly $740 million. On-chain data surfaced Tuesday indicates the entity added 511,612 SOL (approximately $65 million) to a growing bullish position, despite nursing significant unrealized losses.
The Receipt
According to on-chain monitoring cited by Binance News, the wallet (identified as 0xb31...83ae on Hyperliquid) executed the buy orders as Solana hovered near $130. This tranche brings the whale’s specific SOL exposure to ~$65 million. The trader’s broader book includes:
- Ethereum: ~$590 million (203,000 ETH)
- Bitcoin: ~$87 million (1,000 BTC)
- Solana: ~$65 million (511,612 SOL)
Contrarian Bet or Liquidity Trap?
This pivot marks a stark departure from the trader’s bearish stance in October. However, the timing has proven costly so far. With Solana trading at $126.22 (-1.2% in 24h), the position is currently underwater. Data indicates the wallet faces a total unrealized loss of approximately $58 million across all assets.
The whale address holds 511,612.85 SOL… with unrealized losses expanding to 58.04 million USD.
Market participants are closely watching the 0xb31 wallet as a bellwether for institutional sentiment. While the sheer size of the long position suggests high conviction in a Q1 recovery, the immediate PnL bleed highlights the risks of catching falling knives in a choppy post-holiday market. If SOL fails to reclaim the $130 entry zone, the position could face liquidation pressure, potentially forcing a sell-off that would exacerbate volatility.
