The cryptocurrency market is no stranger to dramatic moves from large traders, but one whale known as “Evaded” has once again captured the attention of on-chain analysts after making an unexpected shift from crypto assets to traditional technology stocks. Following a series of highly leveraged trades across Bitcoin, Ethereum, Zcash, and HYPE, the trader has now placed a massive $31.5 million bullish bet on Microsoft and Oracle, leaving market participants wondering whether the next major opportunity lies outside the crypto sector.
From Crypto Shorts to Big Tech Longs
According to recent on-chain reports, Evaded closed his short positions on Bitcoin and Ethereum, locking in approximately $1.77 million in profits. Rather than continuing to speculate on the volatile cryptocurrency market, the whale quickly redirected capital into two of the largest technology companies in the world.
The trader opened leveraged long positions on 41,400 shares of Microsoft (MSFT) and 56,600 shares of Oracle (ORCL), utilizing 10x leverage. The combined exposure amounted to approximately $31.5 million, representing one of the whale’s most notable moves outside the digital asset space.
The timing of this shift is particularly interesting as both Bitcoin and Ethereum have been under pressure. Over the past month, Bitcoin has declined by roughly 4%, while Ether has fallen more than 11%, reflecting growing uncertainty across the broader crypto market.
Meanwhile, technology stocks have continued to outperform. Microsoft shares have gained more than 10% over the past month and recently traded around $450.24. Oracle has delivered even stronger performance, surging nearly 40% during the same period and reaching approximately $225.78 per share.
Evaded’s Trading Activity Has Become a Market Signal
Over the past several months, Evaded has evolved into one of the most closely watched traders in the crypto industry. On-chain analysts, rival whales, and retail traders regularly monitor his positions for clues about market sentiment.
His aggressive use of leverage and willingness to rapidly switch between bullish and bearish positions have made his trading history particularly fascinating. The trader frequently adapts to changing market conditions, sometimes reversing positions within days or even hours.
This latest move into technology stocks has sparked speculation that Evaded sees greater upside potential in artificial intelligence and enterprise software companies than in cryptocurrencies over the near term.
The Winning Streak: ZEC and HYPE Deliver Massive Gains
Earlier in May, Evaded demonstrated why many traders closely follow his activity.
On May 20, on-chain tracking data revealed that the whale opened 10x leveraged long positions in Zcash (ZEC) and HYPE. The positions included approximately 36,875 ZEC worth $21.6 million and 287,618 HYPE valued at nearly $13.9 million.
Within just two days, those trades generated approximately $2.1 million in unrealized profits.
The momentum continued. By May 22, the combined ZEC and HYPE positions had produced more than $7.5 million in unrealized gains in less than four days. Riding the wave of bullish sentiment, Evaded expanded risk exposure further by opening a new 25x leveraged long position on 18,100 ETH worth approximately $38.6 million.
At that moment, the trader appeared nearly unstoppable.
Rapid Reversal and Market Turbulence
However, the crypto market quickly reminded traders how dangerous leverage can be.
On May 23, Evaded closed all long positions in HYPE, ZEC, and Ethereum. Despite exiting with approximately $4.6 million in profits, the whale immediately flipped bearish and opened a short position involving 990 BTC valued at nearly $74.8 million.
Initially, the trade worked in his favor, generating roughly $783,000 in unrealized gains. Yet the success proved temporary.
The trader eventually closed the Bitcoin short position with an estimated $320,000 loss before once again changing direction and returning to a bullish outlook.
The ZEC Trade That Went Wrong
On May 24, Evaded increased exposure to Zcash by adding another 53,500 ZEC long position valued at approximately $34 million.
The market immediately moved against him.
The newly expanded position rapidly generated losses estimated at $763,000. Nevertheless, the whale remained committed to the trade and continued increasing risk.
Two days later, on May 26, Evaded simultaneously held a large ZEC long position while opening a new 40x leveraged Bitcoin short worth approximately $40.3 million. By that point, the ZEC position alone was showing unrealized losses approaching $1.87 million.
A $4.8 Million Blow
The situation deteriorated further on May 27.
Evaded ultimately closed both the ZEC long and Bitcoin short positions, realizing losses exceeding $4.8 million. The setback erased all previous profits accumulated from earlier successful trades and left the whale down approximately $3.67 million overall during that trading period.
For many traders, such losses would have triggered a period of caution. Evaded, however, responded differently.
Instead of reducing risk, the whale immediately increased leverage once again.
Doubling Down on Volatility
Shortly after closing the losing positions, Evaded opened another aggressive Bitcoin short using 30x leverage. The position consisted of approximately 940 BTC worth around $71.4 million, with a liquidation price near $78,421.
The move highlighted the trader’s willingness to embrace extreme volatility and continue pursuing high-risk opportunities despite recent setbacks.
This aggressive approach has become one of the defining characteristics of Evaded’s trading style. While the strategy has generated substantial profits during favorable market conditions, it has also exposed the trader to rapid and significant drawdowns.
Why Microsoft and Oracle?
The whale’s latest pivot toward Microsoft and Oracle may indicate a broader shift in market expectations.
Both companies are viewed as major beneficiaries of the ongoing artificial intelligence boom. Microsoft continues to strengthen its position through AI integrations across its cloud and software ecosystem, while Oracle has emerged as a significant player in enterprise AI infrastructure and cloud computing.
As cryptocurrency markets struggle with declining momentum and increased uncertainty, institutional investors have increasingly favored technology companies that are directly benefiting from AI-driven demand.
By allocating $31.5 million in leveraged long exposure to these two stocks, Evaded may be signaling confidence that Big Tech offers a more attractive risk-reward profile than cryptocurrencies in the current environment.
Conclusion
Evaded’s latest trading decisions highlight the increasingly blurred lines between cryptocurrency markets and traditional finance. After navigating a whirlwind month of leveraged bets on Bitcoin, Ethereum, Zcash, and HYPE—experiencing both multi-million-dollar gains and painful losses—the whale has now shifted attention toward Microsoft and Oracle.
Whether this move proves to be another masterstroke or an expensive mistake remains to be seen. However, one thing is certain: market participants will continue watching Evaded closely. In a trading environment defined by uncertainty, the whale’s actions have become a powerful indicator of where sophisticated capital believes the next opportunity may emerge.
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