A significant whale wallet identified as 0x50b3 has opened a 25x leveraged short worth $50.55 million on ether (ETH), according to Lookonchain data. The trader staked 23,151 ETH on the short side with liquidation pressure set at $2,288. Simultaneously, the same wallet placed a 20x long worth $25.27 million on Bitcoin (BTC), creating an asymmetric position that profits if Bitcoin holds while Ether drops. The position arrived as Ethereum traded near $2,193, with BTC currently trading near $78,400, leaving about $8,000 of headroom before the long-side liquidation level.
While the major short position opened, other significant whale activity shows contrasting sentiment. A Matrixport-linked whale who previously cleared $59 million in profit extended ether longs to 114,160 ETH worth $248.65 million, spanning four wallets and carrying $10.3 million in unrealized losses. Additionally, an Ethereum OG with an 803x historical return returned to accumulate, spending $4.26 million USDC to acquire 1,951 ETH at $2,182. However, selling pressure remains evident as a wallet linked to Trump-affiliated World Liberty Financial sold 4,870 ETH for $10.61 million at $2,178, and two addresses possibly linked to Gammafund deposited 10,976 ETH worth $23.9 million into Binance over a single hour.
The unusual pairing of the leveraged short with a long Bitcoin position represents a relative-value bet on continued ETH underperformance against BTC. ETH sits less than 5% above the short-side liquidation, suggesting the trader expects further weakness or a quick squeeze. According to Lookonchain reports, the leveraged short's success now depends on dip buyers, with the Matrixport trader and returning OG needing to absorb supply for Ether to defend the $2,200 floor. The contrasting whale positions highlight the current market uncertainty, with some traders betting on continued weakness while others maintain long positions despite recent price action.
