Whale Drops $71.8M Bearish Bet on Bitcoin and Ethereum
An anonymous cryptocurrency whale has made a significant bearish bet on Bitcoin and Ethereum by opening short positions worth $71.8 million on Hyperliquid, according to on-chain analytics firm EmberCN.
The whale initiated two separate short positions: one against BTC valued at $46.94 million with an average entry price of $78,032, and another against ETH valued at $24.89 million with an average entry price of $2,479. Both positions utilize 20x cross leverage, meaning the trader risks liquidation if the price moves approximately 5% against the position.
This large short position comes amid a period of heightened volatility in the cryptocurrency market. Bitcoin has been trading within a wide range, with recent attempts to break above resistance levels failing. Ethereum has similarly faced selling pressure, though it has shown relative strength in certain trading sessions. The entry prices suggest the whale expects both assets to decline from current levels.
The use of 20x leverage amplifies both potential gains and losses, making this a high-risk trade. If the market moves against the whale, forced liquidations could add to selling pressure, but conversely, if the trade is profitable, it could encourage other bears. Traders should consider this information alongside broader market trends and risk management practices.