Whale Bets Big on Market Downturn with $81.6M in Leveraged Shorts

An anonymous cryptocurrency whale has made a significant bearish bet on the market by opening $81.6 million in leveraged short positions against Bitcoin (BTC) and Ethereum (ETH) on the Hyperliquid exchange, according to blockchain tracking platform Lookonchain.

The whale opened two separate short positions, with a total size of $35.78 million for BTC using 40x leverage, entering at an average price of $71,870.5. The liquidation price for this position is set at $72,755.85.

The Ethereum short is larger, with a total size of $45.59 million, but uses lower leverage at 25x. The average entry price is $2,275.15, with a liquidation price of $2,327.03.

Market observers often track such whale activity as a potential indicator of short-term price direction. However, it's essential to note that leveraged positions can be closed or adjusted quickly, and on-chain data only provides a snapshot in time.