A prominent Bitcoin whale has executed a high-conviction bearish bet, significantly reducing its BTC holdings to open and expand massive leveraged short positions across three major cryptocurrencies. According to analytics platform Onchain Lens, the wallet identified as 0x94d3 sold 255 BTC for approximately $21.77 million at an average price of $85,378 on Friday, December 23, 2025. The proceeds were used to ramp up short exposure, bringing the total value of the bearish bets to approximately $243 million.
The whale's current positions consist of 1,899 Bitcoin (BTC) valued at $168 million with 10x leverage, 18,527.5298 Ethereum (ETH) worth $56 million with 15x leverage, and 151,209.08 Solana (SOL) valued at $19 million with 20x leverage. This move signals a strong expectation of price declines across the board and has sparked concerns among market participants.
The positions are finely balanced near current market prices, amplifying their risk. Bitcoin is trading around $88,175, close to the whale's average short entry. Ethereum is near $2,954, slightly below its short entry of $3,012, placing the position in unrealized profit for now. Solana is hovering around $124.4, just below its short entry of $125.6. Analysts note that even modest price moves could quickly tip these leveraged positions into significant profit or loss.
Veteran trader Peter Brandt appears to echo the whale's cautious outlook. Brandt has argued that Bitcoin's current price cycle is still unfolding and may face pressure for several more years, with the next major bull market potentially not beginning until around September 2029 based on his four-year cycle model. This large-scale short bet, combined with bearish commentary from established figures, introduces fresh volatility and could influence broader market sentiment as traders monitor for potential cascading effects.
