Ethereum Whale Sees $58 Million in Unrealized Profit After Shorting Ether

Ethereum’s Recent Price Drop Yields Significant Gains for One Trader

As the cryptocurrency market continues to experience a fresh downturn, with liquidations exceeding $1 billion, one Ethereum trader is poised to reap substantial rewards. The trader, who shorted ether at $3,220 with 50x leverage, currently holds $58 million in unrealized profit, including funding fees.

This significant gain comes as ether’s price dropped below $2,400, with the leading altcoin by market capitalization falling by double digits on February 25, reaching a low of $2,337, its weakest level since September 2024.

Trader’s Bold Move Pays Off

According to data shared by Lookonchain, the trader’s short position on Ethereum has yielded a substantial profit. This is not the first instance of a successful short position; on February 3, another whale’s short position yielded more than $30 million in profit, also using 50x leverage.

Ethereum has faced significant downside pressure over the past few weeks, with the latest drop coinciding with increased exchange inflows. Whale Alert reported that 50,000 ether was transferred from an unknown wallet to Kraken, valued at approximately $120 million.

BlackRock’s Recent Transactions

On-chain data revealed that BlackRock deposited 18,168 ether, worth over $44 million, to Coinbase, along with 1,800 bitcoin, valued at about $160 million. These transactions were reported by Solid Intel.

Contrasting Fortunes for Bitcoin Whales

In contrast to the ETH whale who went short, a Bitcoin whale lost $8.8 million after going long on BTC. The trader opened a long position when bitcoin hovered around $101,663, but as the flagship cryptocurrency’s price fell below $90,000, the position flipped into an $8.84 million loss on Hyperliquid.

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