On-chain data from Lookonchain revealed two significant whale moves within hours, painting a starkly bearish picture for the crypto market. A newly created wallet, 0xaeaa, deposited $6.68 million USDC into decentralized exchange Hyperliquid and opened 20x leveraged short positions on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The wallet’s holdings include 430.64 BTC (~$27.46 million), 181,245 SOL (~$13.24 million), and 4,280 ETH (~$7.37 million), signaling a substantial bet against the market’s near-term performance.
Simultaneously, another whale, 0x2558, closed a 500,000-contract long position worth approximately $36.85 million, crystallizing a $2.9 million loss in just 33 hours. The rapid unwind of such a large position, shared on Twitter with 221 likes and 17 retweets, underscores growing caution among large traders and has sparked debate about the confidence of major players amid mixed market signals.
The combined activity indicates a swift pivot from bullish to bearish sentiment. Short-selling volumes are rising, and Bitcoin’s fluctuating dominance is adding pressure on altcoins. With liquidity thinning in certain segments, analysts warn that these whale trades could trigger further volatility. Traders are now closely watching whether major support levels for BTC, ETH, and SOL will hold, as a breach could accelerate the downtrend.
