$ETH Whale Opens Staggering $7M Short Position on HyperLiquid

An exclusively developed Ethereum ($ETH) wallet has recently gained market-wide attention following the deposit of 242 $ETH into HyperLiquid. Subsequently, the whale wallet, going by “0x01f,” started a huge short $ETH position. As per the data from Onchain Lens, the trade included 3,286.46 $ETH and 20x leverage. Nonetheless, the move soon resulted in hefty losses on the hands of the whale.

Ethereum Whale Incurs $31,000 Loss on Aggressive $ETH Shorting with 20x Leverage

The on-chain data discloses that the Ethereum ($ETH) whale wallet “0x01f” opened a short position involving 3,286.46 $ETH on Hyperliquid. This development took place following a deposit of 242 $ETH. The short position accounted for a noteworthy 20x leverage with an approximate $7M value. The aggressive bet against $ETH paralleled significantly volatile crypto market conditions. As a result, the whale incurred substantial losses within a short period after starting the position.

As the on-chain statistics point out, the average per-$ETH entry price of the whale wallet was $2,121.3. Nonetheless, the price of the leading altcoin then surged to $2,130.7 and pushed the position into a notably negative territory. With this, the whale experienced a cumulative loss of almost $31,000, denoting a -8.8% plunge. Additionally, the whale had set $2,231.3 as the liquidation threshold for the respective position, leaving a little error margin if the price keeps climbing.

Resilient Price Trajectory Challenges $ETH Whales Sentiment

According to Onchain Lens, the loss of $31,000 on the aggressive $7M $ETH short position could influence the whales sentiment. Additionally, the move also shows the resilience of Ethereum ($ETH) despite the broader market headwinds. Even then, whether the whale continues to present a risk-on approach or pulls back amid the shifting market dynamics remains to be seen in the near term.