Key Points:
- Trader 0xb8b9 holds 29 consecutive profitable trades.
- Currently down over $2M on perps.
- Solana ETF momentum may influence altcoin bets.
On-Chain Spotlight: Is the Market’s Hottest Trader About to Break the Streak?
Trader 0xb8b9, known for an impeccable 100% win rate over the past month, has caught the attention of on-chain analysts. With 29 straight profitable long trades on major assets like $BTC, $ETH, $SOL, and $LINK, he’s racked up $2.3 million in gains.
In the past few hours, the trader has placed a series of long positions, primarily in SOL-USD and LINK-USD:
- 5 SOL-USD long orders placed between $144-$145, each around $100K.
- One additional SOL-USD long position, which is valued at $50,009.77.
- A significant LINK-USD long position totaling $100,600 was executed at a price of $13.13.
This shows he’s doubling down on high-conviction altcoin longs during the dip.
But the tables may be turning-
The trader’s current open positions are sitting at over $2 million in unrealized losses at the time of reporting. The question now: is this just a temporary drawdown or the end of a flawless run?
Solana ETF Momentum Adds Context
The timing of the SOL-heavy bets may align with growing anticipation around Solana ETF approvals. As reported in Blockworks’ Lightspeed newsletter, eight major firms have filed for spot Solana ETFs, recently updating their filings to include staking disclosures, a sign the SEC is actively engaged.
The applicants include:
- VanEck – First to file, pushing a first-to-file approval model
- 21Shares – Partnered with Coinbase for staking
- Canary Capital – Known for niche altcoin ETF filings, filed for SOL ETF a few days before the elections
- Bitwise – Labels SOL an “emerging asset,” staking via Marinade
- Grayscale – Wants to convert its GSOL trust
- Franklin Templeton – Filed for SOL and XRP ETFs, already supports Solana in its tokenized money market fund
- Fidelity – Institutional heavyweight
- CoinShares – The latest entrant with a strong European presence
If approved, Solana would join Bitcoin and Ethereum as the third crypto asset with a U.S. spot ETF, potentially a game-changer for SOL price discovery and institutional flows.
Conclusion
While trader 0xb8b9’s track record remains unmatched, the current unrealized losses on the trader’s altcoin position mark a significant turning point. Whether this represents a temporary setback amid broader market volatility or the start of a new trend remains to be seen. Meanwhile, growing institutional interest, particularly around Solana ETFs, could influence the outcome of the trader’s high-conviction bets.
All content provided here is for informational purposes only and does not constitute financial or trading advice. Trading involves risk and may result in financial loss. We strongly recommend consulting a licensed advisor before making any investment decisions.
