Leveraged Whale Bets Amplify ETH Volatility

On-chain analytics show heavy whale accumulation has kept ETH range‑bound near $4,000, with roughly 170,000 ETH (~$660 million) moved into whale wallets between Oct. 21–23 even as short‑term holders pared positions. Trader 0xc2a3 reportedly added large longs of about 1,483 BTC (~$165.5M) and 33,270 ETH (~$131.3M), a flow that a separate Hyperliquid report also flags. Additional whale activity includes highly leveraged bets — wallet 0xC50a opened a 40x long on 149 BTC (~$16.6M) and a 10x long on 284,501 HYPE (~$12.5M) — while another large trader opened a 666 BTC short (entry ~ $110,004) that is currently showing a floating loss. An ETH whale sold 3,200 ETH at $3,815 after buying at $4,036, highlighting episodic capitulation amid mixed flows. Combined oversold technicals (daily RSI <30), sizable accumulation, heavy leverage, and conflicting large‑wallet positions create conditions for sharp short‑term moves but also elevate downside risk into the next market inflection.