Bitcoin OG Doubles Down on Ethereum Despite Massive Losses, Signaling Recovery Bet
Despite widespread bearish sentiment pushing Ethereum (ETH) prices lower and analysts predicting a prolonged downturn into 2026, a legendary crypto trader known as "The Bitcoin OG" has significantly increased his long position in Ethereum. This bold move comes even as his unrealized losses on ETH surpass an astounding $70 million.
A High-Conviction Bet Under Pressure
On-chain data from Hyperdash reveals that The Bitcoin OG, renowned for his highly accurate and well-timed market calls – including shorting the market during the October 10 crash – has once again made a high-conviction play. He recently added an additional 12,406 ETH to his holdings. His current exposure includes 203,341 ETH (valued at roughly $577.5 million), 1,000 BTC ($87 million), and 250,000 SOL ($30.7 million). This substantial concentration in assets highlights a willingness to endure considerable volatility rather than de-risk in an increasingly uncertain market. While his unrealized profits once peaked at over $120 million, recent price declines have eroded that figure to less than $30 million, underscoring the swift shifts in market dynamics.
Ethereum's Critical Juncture Amid Bearish Signals
Ethereum's weekly chart paints a picture of diminishing momentum, especially after its rejection from the $4,800-$5,000 range, leading to a sharp retracement towards the critical $2,800-$2,900 zone. ETH is currently trading below its 50-week moving average but hovers near the 100-week moving average, a level that historically serves as a significant inflection point for medium-term trend direction. The inability to sustain above short-term averages indicates that sellers currently control the price action. From a broader trend perspective, Ethereum maintains its long-term bullish framework as it remains above the 200-week moving average. However, the narrowing gap between faster and slower moving averages suggests a transitional phase rather than a clear trend continuation. Furthermore, an increase in trading volume during down-weeks points to active distribution from market participants. The $2,800 area is now a crucial demand zone. A decisive weekly close below this level could trigger a deeper correction towards the $2,400-$2,500 region, where the 200-week moving average converges with prior consolidation levels. For Ethereum to mitigate further downside risk and restore market confidence, a convincing reclaim of the 50-week moving average is essential.
