Whale Shorts ETH, BTC, and SOL with $69M Bet Amid Ethereum Surge

A major whale on HyperLiquid, a leading decentralized perpetual exchange, has intensified bearish bets against top cryptocurrencies by depositing a total of $29 million to short Ethereum (ETH), Bitcoin (BTC), and Solana (SOL) using 3X leverage. Whale Alert reports an additional $12 million was recently added to the position, pushing the total value to a staggering $69 million.

Despite the bold move, the whale is facing mounting losses. At the time of writing, the account shows an unrealized loss of $1.5 million, with Ethereum shorts accounting for $1.2 million of the deficit. Earlier today, the floating loss peaked above $3 million. If ETH rallies to $4,489, the position risks liquidation, as the trader uses cross-margin, exposing the entire account to potential wipeout from a single asset’s price surge.

Interestingly, the whale is still earning funding fees across all shorts due to the market's overall bullish sentiment, as most traders remain long. This high-risk strategy comes during a sharp rally in Ethereum, which has surged 35% over the past week—far outpacing both Bitcoin and other altcoins.

ETH’s explosive growth has also impacted Bitcoin dominance, which is now hovering just above 60%, following a recent peak to multi-year highs. The shifting dynamics suggest growing investor interest in altcoins, despite the broader market’s volatility.

The whale’s massive short bet is drawing attention across the crypto community, with many questioning the timing given ETH's upward momentum and strong market fundamentals. Whether this bold strategy pays off—or ends in a liquidation cascade—remains to be seen.