The perils of betting against the crypto market are on full display this month. Data from HyperInsight shows that a whale wallet dubbed “Iron Head Air Force” has racked up more than $10.4 million in losses over the past week as its short positions continue to bleed.
The wallet, which begins with 0x880ac, is heavily exposed to a mix of shorts across top assets. Its largest losing position is in PUMP, where the whale opened at an average price of $0.0033 and now faces an unrealized loss of roughly $12.9 million.
Other bets are also underwater:
- $30 million short in Solana (SOL)
- $12.5 million short in Bitcoin (BTC)
- Smaller shorts in Chainlink (LINK), Bitcoin Cash (BCH), and Litecoin (LTC)
The scale of exposure has left the whale one of the most visible casualties of the recent upswing across altcoins.
Contrasting Fortunes
Not every trader has suffered. Ethena’s ENA token has climbed more than 13% in the past 24 hours, boosted by the foundation’s expanded buyback program. On-chain data shows another whale, address 0x6b7…c5e9c, took the opposite side of the market—opening 5x leveraged long positions in ENA and pocketing a $3.1 million profit.
Why It Matters
Whales often set the tone for broader market sentiment, and large short positions can exacerbate volatility when they begin to unwind. If prices continue to rise, forced liquidations from overleveraged whales like Iron Head Air Force could add fuel to rallies in assets like SOL, BTC, and PUMP.
For now, the lesson is clear: betting against momentum in crypto can be an expensive strategy.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/crypto-whale-lost-10m-betting-against-the-market/