Whale Places Bearish Bet on Bitcoin and Ethereum with $71.8M Short Positions

An anonymous whale has placed a massive bearish bet on Bitcoin and Ethereum using high leverage on the Hyperliquid exchange.

The whale initiated two short positions, valued at $46.94 million for BTC and $24.89 million for ETH, with average entry prices of $78,032 and $2,479 respectively.

The 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, with recent attempts to break above resistance levels failing for both assets.