Ethereum Whale's $4.8M Loss Highlights Downside Pressure

A significant Ethereum (ETH) whale position has taken a major hit, according to blockchain data. The Hyperliquid whale address 0x0392a716dbee1661ea781881826b928daeb5d7d9 opened an 8x long on 45,000 ETH at $2486.37 on August 31, creating the third-largest single-coin position on the platform valued at $107 million.

The whale's trade initially showed a peak unrealized profit of $5.054 million but has since flipped to a floating loss of $4.8 million after selling 1500 ETH spot and adding the $3.75 million proceeds as margin, lowering liquidation to $2173.36 while funding fees have exceeded $540,000.

The ETH price currently sits at $2408.8 on the 4h chart within the Bollinger Bands between $2402.14 support and $2569.61 resistance, confirming downside pressure that leaves only $207 of buffer before the position faces forced liquidation.