A prominent crypto market participant identified as ‘qwatio’ has significantly expanded bearish bets against major cryptocurrencies, accumulating substantial short positions on Ethereum, XRP, and Solana.
Recent activity reveals the whale initiated a short position of 18,000 ETH, valued at approximately $63.28 million. This adds to an existing portfolio of substantial short positions across multiple assets.
Data indicates ‘qwatio’ currently holds open short positions totaling 1,111 BTC, 2,222 ETH (excluding the recent 18,000 ETH addition), 3.33 million XRP, and 444.44 million SOL. The cumulative value of these short holdings exceeds $63 million.
This aggressive shorting strategy is currently generating an unrealized profit of $6.41 million. Market analysts interpret such large-scale short accumulation as a pronounced bearish sentiment regarding the near-term prospects of these digital assets.
While potentially signaling negative price expectations, significant risks accompany large short positions. A sudden upward price movement could trigger margin calls and forced liquidation, adding volatility to the affected markets.