An insider whale opened $255 million in long positions on Bitcoin and Ethereum following U.S. President Donald Trump’s confirmation of an upcoming meeting with Chinese President Xi Jinping. The meeting is scheduled for October 31 during the APEC summit in Seoul, South Korea.
Trump announced the meeting during an interview with Fox News, describing Xi Jinping as “a very strong leader” and “a very amazing man.” He emphasized the need for “a fair deal” between the two countries and expressed confidence that “it’s going to be fair.” This represents a significant shift in tone compared to Trump’s stance just a week earlier, when he had stated there was “no reason” to meet with Xi at APEC and announced 100% tariffs on Chinese goods.
The tariff announcement had triggered a massive sell-off across traditional and crypto markets, causing nearly $20 billion in liquidations in the crypto derivatives market. Several altcoins lost as much as 99% of their value, marking the worst crypto liquidation event in history.
### Market Reaction to Trade Tension De-Escalation
Following Trump’s recent announcement, Bitcoin’s price surged approximately 2% to 3%, trading around $11,204 at the time of reporting. Ethereum gained 3.48%, reaching near $4,038. The broader crypto market added over $100 billion in value within ten hours of the announcement.
Other major cryptocurrencies also saw gains, with BNB rising about 3.5% and Solana’s SOL increasing nearly 4%. Market sentiment had previously hit a six-month low, with the Crypto Fear & Greed index dropping to 22—indicating “Extreme Fear” among investors—following the historic crash earlier in the week.
### Diplomatic Developments: China’s Strategic Shift
In a notable diplomatic move, Beijing removed Li Chenggang from his position as ambassador to the World Trade Organization. Li had sharply clashed with U.S. officials, including Treasury Secretary Scott Bessent, over trade disputes. Analysts view Li’s removal as part of a strategic shift toward softer, bilateral negotiations with the United States.
The timing of this personnel change, occurring shortly before Trump’s confirmation of the October 31 meeting with Xi, suggests China may be preparing for a more conciliatory diplomatic approach.
### Insider Whale’s Mixed Market Positions Signal Potential Volatility
The insider whale’s sizeable $255 million long position reflects optimism about improving U.S.-China relations and their positive impact on cryptocurrencies. However, the same whale later opened a $76.1 million short position on Bitcoin with 10x leverage.
This trader has a history of precise market timing. Last week, they expanded a Bitcoin short position to $127 million after successfully managing $735 million in short trades. The new short position indicates expectations of continued market volatility, despite recent positive developments.
### Market Outlook
Analysts at the Kobeissi Letter suggest that any market downturn may be short-lived due to technical factors, maintaining that the long-term bullish trend remains intact. The outcome of the October 31 meeting between Trump and Xi Jinping at the APEC summit will likely play a pivotal role in shaping market sentiment going forward.
https://coincentral.com/trump-confirms-china-meeting-as-whale-opens-255m-bitcoin-and-ethereum-long/
