Whale Profits $15M: Now Making Bold Ethereum Crash Bet!
Crypto Whale Takes Major Short Position Against ethereum
Whale’s Bold Move in the Crypto Market
A prominent figure in the cryptocurrency world has recently initiated a significant short position against ethereum, amounting to $62.42 million, utilizing 18x leverage. The trader, known by the wallet address “0x2258…,” is making a strong bet that ETH prices will not rise in the near future, and initial results suggest that this strategy is proving successful.
Details of the Short Position
According to blockchain analytics from Hyperdash, this whale has shorted 20,474 ETH at an entry price of $3,060. With ethereum currently trading below the $3,000 mark, the trader is already seeing unrealized profits of around $1.14 million, translating to a 30% return on investment.
ethereum Faces Resistance Below $3,500
The liquidation threshold for this position is set at $3,505, a level that ETH previously reached in January 2025. This price point has now become a significant resistance barrier. Should ethereum surpass this level, the trader risks complete liquidation of the position.
Trader’s Confidence Amid Market Uncertainty
Despite the narrow margin for error, the trader appears to be confident. The use of 18x leverage indicates a strong belief that ethereum will either decline further or, at the very least, remain below the critical resistance level in the short term. This aggressive shorting strategy is raising eyebrows in a market that remains uncertain about ethereum‘s ability to regain bullish momentum alongside Bitcoin.
A History of Contrarian Trades
This is not the first instance of the wallet “0x2258…” making bold trading decisions. The trader has established a reputation for taking positions that often counter the strategies of crypto influencer James Wynn, frequently with profitable outcomes.
In May, when Wynn opted for long positions on ETH and Bitcoin, “0x2258…” quickly shorted both assets. Upon closing his positions, Wynn incurred losses while the whale secured a profit of $1.36 million. The following day, as Wynn shifted to a bearish stance, “0x2258…” went long again, netting an additional $2.54 million.
By May 26, this whale had accumulated $5.6 million in profits within just three days, and since then, the total realized gains have exceeded $15 million, primarily from countering Wynn’s trades.
The Current Landscape for ethereum
While Bitcoin continues to break through significant resistance levels, ethereum seems to be struggling to gain traction. Traders like “0x2258…” appear to believe that ETH currently lacks the momentum needed to break past the $3,500 mark.
Risks of High-Leverage Shorting
However, shorting with such high leverage carries inherent risks. Should ethereum experience a sharp rebound, traders like “0x2258…” could find themselves in a precarious position, potentially forced to buy back at a loss, which could further drive up the price.
As it stands, the whale is currently in a favorable position. The outcome of this trade will depend on ethereum‘s next moves, and the market is keenly observing the developments.
Image credits: Meta, chart from TradingView
