Key Notes
- High-leverage traders deployed $92.87 million across four positions, with some using up to 25x leverage on their bets.
- Vitalik Buterin transferred $2.9 million ETH to privacy protocol Railgun, shielding transactions using zero-knowledge proofs.
- Institutional adoption of privacy coins grows as Nasdaq-listed Reliance Global follows Zcash treasury strategy.
Three cryptocurrency whales have turned bullish earlier today, on November 26, opening nearly $100 million of long positions on Hyperliquid HYPE $35.20 24h volatility: 9.1% Market cap: $9.54 B Vol. 24h: $441.86 M , according to onchain analysis.
These three whales were spotted by Lookonchain in the two hours prior to the post and signal a sentiment shift for high-capitalized traders, adding risk to the expectations of a crypto rally. According to the onchain analysis, Bitcoin BTC $89 956 24h volatility: 3.4% Market cap: $1.80 T Vol. 24h: $67.76 B and Ethereum ETH $3 025 24h volatility: 3.9% Market cap: $365.60 B Vol. 24h: $22.70 B were the favored assets for these large positions that are following different strategies.
First, the address 0x0ddf9bae2af4b874b96d287a5ad42eb47138a902 opened low-leverage longs on both Bitcoin and Ethereum. The trader opened a 3x long position on 311.9 BTC, worth $27.14 million, and a 2x long on 5,176 ETH, worth $15.15 million.
Interestingly, the other two whales were far more aggressive. The address 0x2c26b98bba32196e05123db5e1469ee88cb67e17 opened a 20x long on 346 BTC, worth $30.09 million, while 0x535e34b5ada64997afc88444271ae9b3f82b3867 opened a 25x long position on 7,000 ETH, worth $20.49 million.
Together, the four positions sum up to $92.87 million, according to the nominal value reported by Lookonchain.
Over the past 2 hours, 3 whales turned bullish and opened big longs on Hyperliquid.
0x0ddf opened a 3x long on 311.9 $BTC ($27.14M) and a 2x long on 5,176 $ETH ($15.15M).
0x2c26 opened a 20x long on 346 $BTC ($30.09M).
0x535e opened a 25x long on 7,000 $ETH ($20.49M).… pic.twitter.com/Pa5xszOlen
— Lookonchain (@lookonchain) November 26, 2025
Vitalik Moves $2.9M ETH to Privacy Protocol Railgun
Other notable whales are also moving as overall market conditions appear to change mid-week. Vitalik Buterin , Ethereum creator, is one of them, just moving $2.9 million of ETH to the privacy-enhancing protocol Railgun, according to Arkham Intelligence data.
VITALIK JUST SENT $2.9M $ETH TO RAILGUN
Vitalik holds over $700 MILLION of ETH, and just sent $2.9M into Railgun.
What is he cooking? pic.twitter.com/2HvDFRDqi2
— Arkham (@arkham) November 26, 2025
Addresses identified as belonging to the well-known figure hold approximately $700 million of Ether, of which 0.42% have now lost their trails. Railgun uses zero-knowledge proofs (zk-SNARKs) to shield token balances and transactions in a shared pool, enabling users to deposit, transfer, and withdraw assets privately without revealing amounts, senders, or recipients on the public blockchain.
This is a similar technology to the now-leading privacy coin Zcash ZEC $517.8 24h volatility: 5.2% Market cap: $8.48 B Vol. 24h: $1.02 B , which has also seen significant whale activity, this time from institutional players. Two weeks after Nasdaq-listed Leap Therapeutics rebranded to Cypherpunk to start a ZEC digital asset treasury (DAT), another Nasdaq-listed company, Reliance Global, has also pivoted to follow a Zcash DAT strategy . Both signal a bullish stance for the privacy coin.
On a similar note, Nasdaq-listed OceanPal subsidiary SovereignAI purchased 53.9M NEAR NEAR $1.95 24h volatility: 3.2% Market cap: $2.50 B Vol. 24h: $189.97 M for its DAT strategy, worth $133 million. Looking at recent launches, Monad has reverted from a previously bearish action to accumulating over 40% gains with MON price post-launch.
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