ETH Whales Bet Big on Price Drop with $98M in Shorts

Two large Ethereum (ETH) traders have taken significant short positions against the cryptocurrency on Hyperliquid, a decentralized perpetual futures exchange. According to blockchain tracking firm Lookonchain, these two wallets hold a combined total of approximately $98 million in short positions.

The 0x6de wallet is short around 25,750 ETH with 10x leverage, while the 0xc63 wallet holds a short of about 25,080 ETH with 20x leverage. Their respective liquidation prices are $2,273 and $2,146.55.

This large bearish bet on Ethereum's price comes amid ongoing market uncertainty. Ethereum has faced challenges in recent months due to competition from other layer-1 blockchains and concerns about network congestion.