A highly profitable cryptocurrency trader boasting a 100% win rate and over $3.2 million in total profits has taken a massive bullish position on Ethereum (ETH).

The trader opened a 4x leveraged long position worth $35 million, equivalent to 9,082 ETH, at an entry price of $3,875, according to onchain data shared by Lookonchain on October 21. 

Despite a minor unrealized loss of about $112,619 (-1.28%), the trader remains fully committed to a long position, maintaining 100% exposure to Ethereum.

Historical data from the same wallet shows an impressive streak of profitable trades. In October alone, the trader secured multiple six-figure wins, including $1.14 million from a long ETH position closed on October 20 and another $1.38 million from a Bitcoin (BTC) long earlier in the month.

Interestingly, the trader’s bullish outlook on Ethereum comes at a time when the second-largest cryptocurrency faces heightened volatility across the broader market.

Ethereum rebounding 

Since the position was opened, Ethereum has shown renewed strength, reclaiming the $4,000 mark. The rebound coincides with easing ETF outflows and increased whale accumulation ahead of the U.S. CPI report on October 24. 

Outflows fell to $145 million from $311 million last week, signaling reduced selling pressure as traders hedge inflation risks with ETH.

At the same time, excitement around the upcoming Fusaka upgrade on December 3, which is expected to double Layer 2 data capacity and cut fees by 40%, has added to bullish momentum.

ETH price analysis

By press time, Ethereum was trading at $4,103, up almost 4% in the past 24 hours, though still down about 1% on the weekly chart.

With renewed bullish sentiment, market focus has now shifted to whether buyers can sustain Ethereum’s price above the critical $4,000 support level.