ETH Briefly Falls Near $3,175, Pushing "BTC OG Insider Whale" Long Position Below Entry as Unrealized Profit Shrinks by About $24M

ETH briefly dipped to $3,175 on Dec. 11 before rebounding, pushing the long position held by address 0xb31—dubbed the "BTC OG insider whale"—below its $3,177 average entry, Coinbob wallet tracking shows. The position, now valued at around $383M with a liquidation price at $2,235, had seen floating profit peak at $25.3M at 4:00 a.m. that day. The address transferred $70M from a Binance wallet to Hyperliquid on the night of Dec. 7 to open a 5x leveraged ETH long at an initial entry of $3,048, followed by another $50M transfer yesterday. The address—described as an OG wallet that once held over 50,000 BTC and later rotated part of its BTC into ETH—has reportedly shown trading activity aligning with statements by Donald Trump and U.S. policy moves, including building a $500M BTC short hours before the Oct. 11 drop that allegedly earned nearly $100M; BitForex CEO Garrett Jin has said the address is connected to one of its clients.