The popular crypto whale '50x ETH' closed a substantial Bitcoin short position, earning $4.06 million in profits over three days. The trader engaged in this high-leverage move against Bitcoin right from the start.
50x ETH’s Trading History
The '50x ETH' whale gained notoriety for its risky high-leverage trades involving Ethereum. Over the last three days, it invested $17.82 million USDC into Hyperliquid to set a 40x leveraged position against Bitcoin. At its peak, the whale maintained a short position of 6,211 BTC worth $517 million with an entry price of $83,898 and a liquidation threshold of $85,559. This position reached $4.54 million approximately 1.5 days after opening. The whale concluded its trading by withdrawing the entire $21.88 million USDC from Hyperliquid back into its wallet.
The Profit-Taking Move
The '50x ETH' whale leveraged the movement in Bitcoin's price to secure a $4.06 million profit from the short position. The funds were immediately withdrawn from Hyperliquid, indicating a tactical business maneuver. The whale moved the profits to other investments, notably avoiding further investment in Bitcoin: $6.11 million USDC was exchanged for 3,202 ETH, and $3.28 million USDC for 1,040 PAXG. This indicates the whale is safeguarding against market odds by diversifying its holdings into Ethereum and gold-backed assets.
What’s Next? Short Squeeze or More Downside?
With the short position exit complete, speculations arise about future price trends of Bitcoin. The whale placed only four buy orders totaling 557.67 BTC (~$35.55 million) at $63,757 as it anticipates further downstairs movement prior to making larger trades. A significant closure of short positions has led some traders to predict a potential price increase via short squeeze effects. The whale's allocation into Ethereum and PAXG reflects both risk aversion strategies and expectations for positive Ethereum performance.
The crypto market remains vigilant as the whale might initiate another notable trade. Will Bitcoin’s price react to these movements?
