Two major leveraged positions are drawing attention in the cryptocurrency derivatives market, with whales betting against Ethereum and a large Bitcoin short nearing its liquidation price.
According to on-chain tracking firm Lookonchain, two anonymous whale wallets opened short positions totaling roughly $98 million on the decentralized perpetual futures exchange Hyperliquid. The wallet beginning 0x6de is short approximately 25,750 ETH with 10x leverage, while 0xc63 holds a short of about 25,080 ETH with 20x leverage. Their respective liquidation prices are $2,273 and $2,146.55. If ETH climbs to those levels, the positions could be forcibly closed, potentially causing sharp price moves.
The bearish Ethereum positioning comes amid market uncertainty and competition from other layer-1 networks, although spot ETH exchange-traded funds in the United States have provided some institutional support.
Separately, a Bitcoin whale is facing possible forced liquidation of a short position valued at about $93.24 million. The trade has a liquidation price of $65,045, with Bitcoin trading within roughly $200 of that threshold. A move above that level could trigger automatic closure and add short-covering buying pressure. Reports from AmberCN indicated that rising purchases of long-term U.S. Treasurys have supported a broader risk-on mood, contributing to Bitcoin's recent strength.
For traders, these large leveraged positions highlight the influence of whales on short-term crypto volatility. However, high leverage also creates the risk of abrupt liquidations and short squeezes, making the outcome uncertain and emphasizing the need for cautious risk management.
