finbold.com
A smart trader with a remarkable trading track record bought $18.8 million of Ethereum (ETH) today, November 1. This action highlights an extremely bullish stance from the smart trader, who currently has a 100% win rate with ETH.
Notably, the smart trader uses five wallet addresses as Lookonchain identified and consolidated, reporting it in a post on X. According to the analyst, this entity has traded ten times from August 12 to September 28, “making money every time.”
In particular, “he” previously amassed around $2.14 million in profits trading ETH against the dollar. Since October 14, the smart trader has gained over $334,000 in trading Ethereum twice, now adding to the spot-long position.
The most recent activity added 7,483 ETH to a 2,733 ETH position. With that, the smart trader now holds 10,216 ETH, worth $25.6 million.
Ethereum (ETH) price analysis and an awaited altseason
As of this writing, Ethereum is trading at $2,534, recovering from a local crash that follows the entire market. Bitcoin (BTC) recently broke out of the $70,000 psychological resistance up to $72,000, just to retrace back to it.
If BTC holds above this level and finds strong momentum, it could try to reach its all-time high again. Therefore, smart traders expect Ethereum and other altcoins to follow and maybe even outperform the leader in a bull rally.
Such an event is known as an “altseason,” marked by the drop of the Bitcoin Dominance Index (BTC.D). Analysts believe an “altcoin season is just around the corner” as BTC.D reaches historical key levels and might create good entry opportunities.
“While no one can predict precisely when “Alt-season” will occur, we do know it will happen at some point in the near future. Now is the time to lock in. Focus on accumulating and holding spot positions of your strongest conviction alt plays and start planning your exit strategy.”
– Jake Pahor
Interestingly, this recent bullish positioning by Lookonchain‘s reported smart trader aligns with these expectations, suggesting ETH could surge soon. Meanwhile, some Ethereum rivals offer even higher growth potential due to remarkable technology and lower capitalization.
However, even previously winning traders could lose at one point, and the cryptocurrency market’s volatility increases the odds of it. Traders and investors looking to mirror smart players’ movements must understand the risks and have a carefully designed strategy.