The crypto market showed signs of recovery as total market capitalization rose by 1.1% in the past 24 hours, with whales becoming more active in both derivatives and spot markets. A whale who previously shorted BTC flipped bullish, holding $250 million in BTC and ETH, with unrealized losses narrowing to $3.1 million.

Some traders have taken the opposite route, such as a whale who deposited 30 million USDC into Hyperliquid and opened a 10x short position on 700 BTC, now with unrealized profit of $455,000. Another investor opened $68 million in new short positions, while retaining a long ENA position that has earned $5.6 million in profits.

Despite bearish sentiment, some traders remain optimistic about ENA while keeping short positions on BTC and ETH. One whale holds mixed positions worth $70 million, including shorts on BTC and ETH as well as a long position on ENA, showcasing confidence in certain altcoins. Major players have been repositioning their portfolios in spot markets, with Ethereum treasury firm BitMine adding $1.5 billion worth of ETH to its holdings.

El Salvador increased its Bitcoin reserves by purchasing 8 additional BTC, now totaling 6,355.18 BTC. Major centralized exchanges saw a net outflow of about 21,000 BTC, with Coinbase Pro and Binance leading the trend. The Chainlink ecosystem also saw significant activity, with a newly created wallet withdrawing a large amount of LINK from Binance.

The combination of high-leverage positions in derivatives markets and steady accumulation in spot markets indicates a divided yet dynamic space. While some whales are betting on further downside, others are quietly building positions, suggesting confidence in the market’s stability.

Read more at Yahoo Finance: Whales Take Sides Post-Crash as Big Bets Hit BTC, ETH, and ENA