An Ethereum ($ETH) whale has recently witnessed a notable loss. In this respect, the whale going by 0xa534 has recorded a huge $35M loss on a long $ETH position, pushing flip to a short position. Nonetheless, as the data from the on-chain analytics discloses, the whale still faces the risk of a staggering $614,000.
Irrespective of these losses, the whale keeps holding a notable Bitcoin position of $1,351 $BTC, with a value of nearly $150M. Such a high-stakes move has gained notable attention across the wider trading community, underscoring the risk and volatility inherent in crypto trading.
Ethereum Whale Shifts to Short $BTC Position after Losing $35M on $ETH Long
The $ETH whale, 0xa534, has gone through a massive loss of up to $35M from a long $ETH position. This event has forced the whale to shift toward a short position. However, at the same time, the whale is still facing the potential setback of almost $614,000. Simultaneously, the whale keeps holding on to a short position comprising 1,351 $BTC.
In this respect, the 1,351 $BTC short position of the whale has ignited speculation about likely bearish pressure on the leading crypto asset. Keeping this in view, the traders are keenly watching this development, as huge shorts like this could indicate wider market corrections. Thus, if this strategy proves successful, it may lead to cascading sell-offs throughout the crypto market.
Ethereum Shows 1.92% Weekly Dip as Bearish Pressure Looms around Bitcoin
At the moment, the top altcoin, Ethereum ($ETH), is changing hands at $4,296.77. This price level indicates a plunge of 0.11% over the past 24 hours. Additionally, the latest weekly performance of Ethereum displays a 1.92% decrease. Hence, it is reportedly experiencing a bearish trend in the short term.
Apart from that, as Lookonchain’s market insights suggest, the whale’s shift from $ETH long to $BTC short raises concerns over the likely approaching headwinds toward Bitcoin ($BTC). Based on this, the crypto community is divided on the potential implications of this move. Nonetheless, whether the price performance could surpass investor expectations in the short or mid-term remains to be determined.
