A prominent cryptocurrency whale, identified by the wallet address ‘0xFa5’, has placed a highly leveraged bearish bet against Ethereum price action, depositing 15.66 million USDC into decentralized derivatives exchange Hyperliquid.
The whale utilized the funds to open a 10x leveraged short position targeting 28,679 ETH. The total value of the position sits at approximately $70.1 million based on available figures.
This significant move follows a recent unsuccessful position by the same entity, which resulted in a reported loss of $3.56 million. Market observers suggest the aggressive new short position could signal a shift in sentiment among large traders towards Ethereum.
The position was opened at an entry price of $2,443.92 per ETH. Should the price of Ethereum rise to approximately $2,930.62, the position faces liquidation. Managing this level of leverage carries substantial risk but offers amplified potential profit should Ether decline.