A prominent crypto whale identified as “0x2258…” has taken a significant gamble against Ethereum, setting up a short position worth $62.42 million with a leverage of 18x. The whale is wagering heavily on the premise that the price of ETH won’t be increasing in the near future—and the bet seems to be yielding fruit.
As per blockchain data tracked through Hyperdash, the crypto whale shorted 20,474 ETH at an entry point of $3,060. Given that ETH is currently trading below $3,000, the whale is already reaping an unrealized profit of around $1.14 million, equivalent to a 30% return.
The liquidation value of this position is pegged at $3,505, close to ETH’s trading value in January 2025. This value is now acting as potent resistance. If the price surpasses this mark, the position risks being totally liquidated.
Despite the slim margin for error, the trader remains confident. The use of 18x leverage indicates a strong belief that ETH will continue to decline, or at the very least, won’t surpass the resistance level soon.
This level of aggressive shorting has sparked curiosity in a market that remains divided on Ethereum’s ability to regain bullish momentum alongside Bitcoin.
The crypto whale “0x2258…” is no stranger to bold trading moves. The wallet has earned a reputation for taking positions that directly oppose those of crypto influencer James Wynn—often with profitable outcomes.
In May, when Wynn went long on ETH and Bitcoin, 0x2258 immediately shorted both. When Wynn closed his positions, 0x2258 followed suit, pocketing $1.36 million. The next day, as Wynn turned bearish, 0x2258 went long and garnered another $2.54 million.
The exchange continued, and by May 26, the whale had secured $5.6 million in profits within just three days. Since then, this strategy has grown into over $15 million in realized gains, primarily from counter-trading Wynn’s moves.
While Bitcoin continues to overcome key resistance areas, Ethereum seems to be struggling more. Traders like 0x2258 seem to think that ETH currently lacks the power to break the $3,500 threshold.
Nonetheless, this high leverage shorting strategy is risky. Should ETH rebound sharply, traders like 0x2258 could find themselves in a squeeze, forced to buy back at a loss—potentially pushing the price even higher.
However, for now, the whale seems to be leading. Whether this culminates in another multi-million-dollar windfall or a significant loss depends on ETH’s next move. The market is currently in a wait-and-see mode.
