17.07.2025 01:01
A prominent cryptocurrency whale has executed a significant bearish bet against Ethereum, opening a substantial short position valued at $62.42 million. Employing a daring 18x leverage, this trader, identified only by their wallet address "0x2258…," is wagering that Ethereum's price will not appreciate in the near future. Early indications suggest this gamble is proving lucrative.
According to blockchain data analyzed via Hyperdash, the whale sold short 20,474 ETH at an average price of $3,060. With the current ETH price trading below $3,000, the whale has already realized an impressive unrealized profit of approximately $1.14 million, representing a remarkable 30% return on their investment. The pressure on Ethereum remains intense below the $3,500 support level.
This substantial short position faces liquidation at $3,505, a price level that acted as significant resistance in January 2025. Should the price surge past this point, the entire position could be wiped out. However, the whale, boasting past profits exceeding $15 million, maintains confidence in their prediction. The bold use of 18x leverage clearly signals a strong belief in a further price decline or, at minimum, an inability for Ethereum to break through the crucial resistance level. This aggressive shorting strategy is particularly noteworthy within the current market uncertainty regarding Ethereum's ability to regain upward momentum, mirroring Bitcoin's trajectory.
This isn't the first time "0x2258…" has made headlines for audacious trading decisions. This wallet has developed a reputation for consistently counter-positioning popular cryptocurrency influencer James Wynn, often with considerable financial success. For instance, in May, Wynn took a long position on both ETH and Bitcoin, a move immediately countered by a short position from 0x2258. The outcome proved favorable for the whale, as they mirrored Wynn's closing of positions, securing a substantial profit. These instances highlight the whale’s strategic acumen and ability to profit from market volatility. Information regarding these trades was sourced from internet resources.
