Two major cryptocurrency whales have dramatically increased their short positions on Ethereum, signaling strong bearish sentiment in the derivatives market. The moves, flagged by on-chain analysts on June 15, 2026, involve a combined exposure of over $46 million and have already resulted in significant unrealized losses.
Aave Whale Expands Position After $1.1M Paper Loss
An anonymous whale operating on the DeFi lending protocol Aave added 10,000 ETH (approximately $17.25 million) to an existing short position. The address had earlier withdrawn 45.5 million USDT from Binance to use as collateral, bringing total collateral to $156 million in stablecoins. The whale now has borrowed 35,388 ETH at an average entry price of $1,682.14. With Ethereum trading above that mark, the position shows an unrealized loss of roughly $1.1 million. The liquidation price is set at $3,453.30 — more than double the current market price — providing a comfortable buffer for now.
Hyperliquid Whale Posts $140K Loss on $29M Short
Separately, on the decentralized perpetual exchange Hyperliquid, a trader renowned for a 90% win rate opened a 17,000 ETH short at $1,717.80. The position, valued at $29.36 million, quickly moved against the trader after an ETH price surge, resulting in an unrealized loss exceeding $140,000. Despite this setback, the same whale has netted approximately $4.91 million from ETH trades since June 10.
Both trades highlight the use of DeFi platforms for high-stakes leverage. Aave’s permissionless borrowing and automated liquidations, along with Hyperliquid’s transparent order book, allow real-time monitoring of such activity. The mounting paper losses underscore the risks even sophisticated traders face, and the possibility of liquidation cascades if Ethereum’s price rises sharply. Market participants are now closely watching these positions for any further adjustments.
