Wallet Places Large Bets Against Ethereum and Bitcoin

A large wallet has made significant bets against the price of Ethereum (ETH) and Bitcoin (BTC), according to data from Lookonchain. The wallet deposited 5 million USDC on Hyperliquid, then opened a series of shorts worth 8,155 ETH ($20.33M) and 247.6 BTC ($19.49M). These leveraged short positions are now being closely watched by traders who are weighing the potential impact on the cryptocurrency market.

The current price of Ethereum is sitting at $2,492.96, which is within the Bollinger band with an upper resistance level of $2,510.68. The 50-EMA and 200-EMA remain key support levels, while the MACD shows a death cross at 30.03 and RSI holds neutral at 61.53.

Some traders are now considering whether this size of leveraged short will accelerate a market crash or simply test the upper band before a retracement to the 50-EMA.