Whale Wallets Bet Big on Ethereum Price Drop with $98M Shorts
Two anonymous whale wallets have taken significant short positions against Ethereum on Hyperliquid, a decentralized perpetual futures exchange.
The combined positions total approximately $98 million and represent a bearish bet on the second-largest cryptocurrency by market capitalization.
The two wallets, identified by the prefixes 0x6de and 0xc63, hold short positions totaling 50,838 ETH. The 0x6de wallet is short approximately 25,750 ETH with 10x leverage, while the 0xc63 wallet holds a short of about 25,080 ETH with 20x leverage.
The timing of these shorts comes amid a period of relative market uncertainty, with Ethereum trading below its 2024 highs but still well above its 2022 lows. The high leverage involved means that even a small price movement could lead to significant losses, and the potential for a short squeeze remains a real possibility.