Ethereum (ETH) has climbed back above the $2,100 mark, reflecting renewed positive sentiment in the crypto market. However, a likely new trader has taken a massive bearish bet. On-chain data shows a newly created wallet labeled 0xc9c3 has deposited 3.98 million USDC into the Hyperliquid platform within two hours, subsequently opening a 20x leveraged short position on 9,526 ETH, valued at approximately $20.25 million. The position is now facing a floating loss of around $255,000.
Leveraged Short Caught in Rally
The price rebound above the key psychological level of $2,100 caught the short seller off guard. Analysts warn that if ETH continues its upward trend, this leveraged short could face forced liquidation, amplifying market volatility. Hyperliquid, a decentralized perpetual exchange known for its full on-chain settlement and high leverage, has become a popular venue for such high-stakes trades.
Whale Activity and Market Divergence
Recent whale movements in Ethereum have been mixed. Address nemorino.eth accumulated 7,908 ETH ($16.71M) earlier this week, only to be liquidated on 8,424 ETH for a $2.25 million loss after a sudden dip. Another whale, “Maji Brother,” expanded his long position to $13.5 million in ETH. These contrasting strategies underscore the deep uncertainty and heightened risk in the current market environment.
Whether the new wallet's aggressive short is a speculative gamble or part of a broader hedging strategy remains unclear. Yet, at the $2,100 level, any large directional bet can trigger significant ripple effects.