This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile. Always do your own research before making any investment decisions.
On June 25, 2026, an Ethereum whale who took a significant short position during the October 2025 market crash reportedly opened a new ETH short position. This reopening of a short shows key market players still hold bearish views almost eight months after the initial downturn. The October crash forced many large holders to rethink their exposure, so this fresh wager against ETH indicates that the whale believes the current market trends and external factors will lead to further price declines in the coming months. This whale now carries a $19.7M ETH short position.
The position carries an entry price of $109,133.1 and a liquidation price of $150,082.9, now with an unrealized profit of $455,000.
The Ethereum October 2025 market crash triggered widespread volatility across crypto assets, with several whales taking large leveraged short positions to capitalize on the downturn, according to Sandmark’s roundup. This crash involved sharp price declines that unsettled markets and forced holders either to liquidate or hedge aggressively. During this period, a whale earned roughly $160 million from shorting Bitcoin amid the October 11 crash, as part of a broader trading strategy intertwined with other whales’ actions.
That whale’s success shaped trading approaches as the crash’s effects extended beyond immediate price action. It reshaped strategies among institutional players, as observed when a wallet opened $491 million in new shorts shortly after—a move seen as a sign of mounting bearish positioning.
Details of the Ethereum short position
The newly opened ETH short position by the whale is a focused bearish bet on Ethereum’s price trajectory after that October crash. The whale’s portfolio holds significant stakes in both Bitcoin and Ethereum, illustrating substantial exposure balanced between longs and shorts. Ethereum’s price moved modestly higher with a 0.36% gain in the last 24 hours, and a market capitalization sitting at 167 billion EUR reflects the network’s enduring value.
Market implications of whale short positions
The reappearance of a large ETH short position shines a light on the fundamental tension between bulls and bears shaping Ethereum’s current market dynamics. This whale belongs to a cluster of large traders with significant combined portfolios across Bitcoin and Ethereum, underscoring substantial market influence.
Bitget‘s market data show that rising whale activity corresponds with increased price volatility. These large holdings can trigger cascade liquidations or rallies when positions unwind. The short position’s scale is consistent with other large leveraged Bitcoin shorts deposited in Hyperliquid, which followed earlier downbeat trends that rattled confidence.
🔥 LEGENDARY TRADER WHO NAILED THE 10/10 CRASH JUST DUMPED HIS ETH
— Coin Bureau (@coinbureau) May 11, 2026
The $10B HyperUnit whale who shorted the Oct 10 market crash has deposited $526M in ethereum:native to Binance, per Arkham.
This is the same whale who made headlines for rotating $5B of BTC into ETH.
Now, his… pic.twitter.com/K4N47px6pZ
Whale trading behavior and influence on Ethereum price
This whale’s engagement goes well beyond speculation alone—over the past week, trades have netted profits from both ETH and Bitcoin short positions, adding to the narrative of relentless market activity and calculated risk-taking.
Ethereum price outlook and ongoing market trends
Ethereum is currently trading near 1,381.66 EUR per ETH, reflecting a market still trying to recover from the October crash yet confronting fresh bearish signals. The market capitalization at 167 billion EUR shows substantial network value, even as prices fluctuate in response to ongoing macroeconomic uncertainties.
These uncertainties include regulatory pressures and technical challenges that periodically temper bullish enthusiasm. The whale’s short position, combined with sustained large-scale hedging, illustrates how traders are positioning in the face of such pressures. A reported rise in total market capitalization during recent sessions has not deterred whales from continuing to build short positions, implying that volatility remains a core feature of this market’s landscape.
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Disclaimer: The content on this page is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
Elena Petrova is a regulatory correspondent specializing in crypto law and policy with over 10 years of financial journalism experience. Formerly a finance reporter at Reuters, Elena covers SEC enforcement, MiCA implementation, and global stablecoin regulations. She holds a J.D. from Georgetown Law and is a member of the New York State Bar. Her regulatory analysis is frequently referenced by compliance officers and legal teams at major exchanges.
Conflicts of interest
I have no current legal practice or retainer relationships with any cryptocurrency company. Past employment relationships are listed publicly.
