Before the release of critical U.S. inflation data, the cryptocurrency market experienced significant transactions that captured widespread attention. Data compiled by Lookonchain indicates that a whale address known as 0x6636… initiated a leveraged long position exceeding 87 million dollars. The trades involved Bitcoin 
$78,262, Solana 
$86, and Sui, marking some of the riskiest positions in recent times.
Whale’s Bitcoin Position
The address 0x6636… opened a long position in Bitcoin, holding approximately 540 BTC valued at 60 million dollars with a 40x leverage. At the time of the trade, Bitcoin’s price stood at 112,257 dollars. Remarkably, the whale initiated his Bitcoin position while the price was below the 50-day moving average of 114,547 dollars. The market demonstrated low trading volume, and the RSI indicator was at level 48.
If Bitcoin’s price surpasses 114,500 dollars, it might propel towards 118,000 dollars. Conversely, if the price drops to 104,735 dollars, the 200-day average, the whale’s position using 40x leverage could face liquidation.
Solana and Sui Positions
The same whale also opened a lengthy position in Solana consisting of 114,984 SOL, valued at 24.86 million dollars, using 20x leverage. This position was placed after Solana hit a peak over the summer and entered a correction phase, unable to breach 216 dollars. Current resistance levels in the altcoin stand prominently between 225 and 230 dollars. Surpassing these could spark upward momentum.
Additionally, the whale established a position in Sui, involving 868,196 SUI at 3 million dollars with 10x leverage. Though smaller in size compared to other positions, the leveraged position aligns with the general market trend. Moreover, the combined value of the whale’s positions in Bitcoin, Solana, and Sui exceeds 87 million dollars, and the market’s trajectory will ultimately determine their fate.
The whale’s positions are notable mainly because they were established ahead of the critical inflation data release from the U.S., scheduled for 3:30 PM local time. The headline Producer Price Index (PPI) is anticipated to increase annually by 3.3% and monthly by 0.3%. Data exceeding expectations could exert downward pressure on the market, whereas an outcome paralleling or undercutting expectations might spur upward movement in the cryptocurrency market. The whale’s long positions in Bitcoin, Solana, and Sui seem to anticipate a favorable market reaction to the inflation data.
