Bitcoin has surged past the $98,000 mark, marking a significant milestone in its ongoing bullish rally as of May 8, 2025, at approximately 10:00 AM UTC, according to data shared by Lookonchain on social media. This price reclamation comes amid heightened market activity and whale movements that have caught the attention of traders worldwide. A prominent whale, tracked via on-chain analytics, has taken an aggressive leveraged position with a 40x long on Bitcoin (BTC) and a 25x long on Ethereum (ETH), currently sitting on an unrealized profit of over $970,000. This bold move reflects extreme confidence in the upward trajectory of both assets. The Bitcoin price hit $98,200 at 9:45 AM UTC on May 8, 2025, with trading volume spiking by 18% within the last 24 hours across major exchanges like Binance and Coinbase, as reported by market aggregators. Meanwhile, Ethereum followed suit, climbing to $3,850 at the same timestamp, showing a 5.2% increase in the past day. This whale’s position, paired with BTC’s breakthrough, signals strong market momentum, potentially driven by institutional inflows and retail FOMO. For crypto traders, this event underscores the importance of monitoring whale activity and leveraged positions as key indicators of short-term price action. Additionally, the correlation between BTC and ETH remains evident, with both assets showing synchronized upward movements, a trend often observed during bullish cycles.

From a trading perspective, the whale’s massive unrealized profit of $970,000 as of May 8, 2025, at 10:00 AM UTC, highlights the potential rewards—and risks—of high-leverage strategies in the crypto market. For retail traders, this presents both opportunities and cautionary tales. The BTC/USDT pair on Binance recorded a 24-hour trading volume of over $2.3 billion as of 9:00 AM UTC on May 8, 2025, reflecting heightened liquidity and interest. Similarly, ETH/USDT saw volumes exceeding $1.1 billion in the same period, indicating robust participation across major pairs. The whale’s 40x leverage on BTC suggests a potential liquidation point if prices drop below $92,000, which could trigger cascading sells and increase volatility. Traders should consider setting tight stop-losses near key support levels, such as $95,000 for BTC and $3,700 for ETH, to mitigate downside risks. Moreover, the whale’s dual long positions may influence market sentiment, encouraging other leveraged traders to pile in, potentially pushing prices toward $100,000 for BTC in the near term. However, over-leveraging remains a critical risk, as sudden corrections could wipe out gains swiftly. Monitoring on-chain data for large liquidations will be crucial for anticipating volatility spikes.

Diving into technical indicators, Bitcoin’s Relative Strength Index (RSI) on the 4-hour chart stood at 72 as of 10:00 AM UTC on May 8, 2025, signaling overbought conditions that may precede a short-term pullback. Ethereum’s RSI mirrored this at 68, also indicating potential profit-taking. The 24-hour trading volume for BTC across exchanges reached $38 billion by 9:30 AM UTC, a 20% increase from the previous day, while ETH recorded $15 billion, up 12%, as per data from market trackers. On-chain metrics further reveal that Bitcoin’s net exchange flow turned negative, with over 5,000 BTC withdrawn from exchanges between May 7 and May 8, 2025, suggesting accumulation by long-term holders. Ethereum saw a similar trend, with 12,000 ETH moved to cold storage in the same timeframe, according to insights from on-chain platforms. The correlation between BTC and ETH remains strong at 0.85, reinforcing their synchronized price action. For traders, key resistance levels to watch are $99,500 for BTC and $3,950 for ETH, while support sits at $96,000 and $3,750, respectively, based on recent price action as of May 8, 2025. The whale’s leveraged positions could amplify market moves, so monitoring funding rates on perpetual futures (currently at 0.02% for BTC and 0.015% for ETH on Binance as of 10:00 AM UTC) will be essential to gauge leverage sentiment.

While this event is primarily crypto-focused, it’s worth noting the broader market context. The stock market, particularly tech-heavy indices like the Nasdaq, showed a 1.2% gain on May 7, 2025, as of market close at 4:00 PM EDT, which often correlates with risk-on sentiment in crypto markets. This positive movement likely contributed to institutional money flowing into Bitcoin and Ethereum, as seen in the $150 million net inflows into BTC spot ETFs on May 7, 2025, per ETF tracking data. Crypto-related stocks like MicroStrategy (MSTR) also rose 3.5% on the same day, reflecting cross-market optimism. For traders, this suggests that monitoring stock market trends, especially tech and crypto-adjacent equities, can provide early signals for crypto price movements. Institutional participation remains a key driver, and any sudden shifts in risk appetite in traditional markets could impact BTC and ETH volatility in the coming days.