Trump Confirms China Meeting as Whale Opens $255M Bitcoin and Ethereum Long

TLDR

• An insider whale opened $255 million in long positions on Bitcoin and Ethereum after Trump confirmed an October 31 meeting with Chinese President Xi Jinping at the APEC summit in South Korea.
• Bitcoin and Ethereum prices both jumped approximately 3% following Trump’s announcement, with the overall crypto market adding over $100 billion in value within ten hours.
• Trump shifted his tone on China, calling Xi Jinping “highly respected” and saying “it will all be fine,” just a week after announcing 100% tariffs on Chinese goods that crashed markets.
• China removed its WTO ambassador Li Chenggang, who had clashed with U.S. officials, signaling a potential shift toward softer diplomatic negotiations with America.
• The same insider whale later opened a $76.1 million short position on Bitcoin with 10x leverage, suggesting volatility may continue despite the recent market recovery.

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An insider whale opened $255 million in long positions on Bitcoin and Ethereum after U.S. President Donald Trump confirmed his meeting with Chinese President Xi Jinping. The meeting is scheduled for October 31 during the APEC summit in Seoul, South Korea.

 

The announcement marks a sharp change from Trump’s position just one week earlier. Trump had previously stated there was “no reason” to meet with Xi at the APEC summit. He also announced 100% tariffs on Chinese goods, which triggered a massive sell-off across traditional and crypto markets.

The tariff announcement caused nearly $20 billion in liquidations in the crypto derivatives market. Some altcoins lost 99% of their value. The event became the worst crypto liquidation in history.

Market Response to Trade Tension De-Escalation

Bitcoin price rose approximately 2% to 3% following Trump’s announcement. The cryptocurrency traded around $111,204 at the time of reporting. Ethereum gained 3.48% to trade near $4,038.

The broader crypto market added over $100 billion in value within ten hours of the announcement. Other major cryptocurrencies also posted gains. BNB rose about 3.5%, while Solana’s SOL increased nearly 4%.

Market sentiment had reached a six-month low before Trump’s announcement. The Crypto Fear & Greed indicator dropped to 22 on Friday, signaling “Extreme Fear” among investors. This followed the historic crash earlier in the week.

China Makes Diplomatic Personnel Change

Beijing removed Li Chenggang from his position as ambassador to the World Trade Organization. Li had clashed with U.S. officials, including Treasury Secretary Scott Bessent, over trade disputes. Analysts interpret this removal as part of a strategic shift toward bilateral negotiations with the United States.

The timing of Li’s removal suggests China may be preparing a softer approach to diplomacy. The move came shortly before Trump confirmed the October 31 meeting with Xi.

The insider whale’s $255 million long position suggests expectations of improving U.S.-China relations. However, the same whale later opened a $76.1 million short position on Bitcoin with 10x leverage. The whale has a history of precise market timing.

Last week, this trader expanded a Bitcoin short position to $127 million after successfully trading $735 million in short positions. The new short position indicates the whale expects continued volatility despite recent positive developments.

Analysts at the Kobeissi Letter forecast the market downturn may be short-lived due to technical factors. They maintain that the long-term bull trend remains intact. The October 31 meeting between Trump and Xi will take place during the APEC summit in Seoul.

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