A well-known crypto whale has made a big move against Ethereum, opening a $62.42 million short position using 18x leverage. The trader, identified by the wallet address “0x2258…”, is betting heavily that ETH won’t climb anytime soon—and so far, the gamble is paying off.
Based on blockchain data monitored via Hyperdash, the whale shorted 20,474 ETH at an entry point of $3,060. As ETH has been trading at levels lower than $3,000 at the time of writing, the whale is already enjoying an unrealized profit of approximately $1.14 million, or returns of 30%.
Ethereum Under Pressure Below $3,500
The liquidation value of the position is at $3,505 — near where ETH traded previously in January 2025. That point is now serving as very powerful resistance. If the price exceeds that level, the position stands to be completely liquidated.
Despite that narrow buffer, the trader seems confident. The use of 18x leverage suggests a high-conviction call that ETH will drop further or, at the very least, won’t bounce past that resistance level in the short term.
This kind of heavy shorting is raising eyebrows in a market that’s still undecided on whether Ethereum can regain bullish momentum alongside Bitcoin.
Track Record Of Outsmarting James Wynn
This isn’t the first time “0x2258…” has stepped in with bold trades. The wallet has gained a reputation for taking positions that go directly against crypto influencer James Wynn—often with profitable results.
Back in May, Wynn went long on ETH and Bitcoin. Almost immediately, 0x2258 shorted both. When Wynn closed his positions, 0x2258 did the same and walked away with $1.36 million. The next day, as Wynn flipped bearish, 0x2258 went long and bagged another $2.54 million.
The back-and-forth continued. By May 26, the whale had locked in $5.6 million in profits in just three days. Since then, the strategy has snowballed into more than $15 million in realized gains, most of it from flipping against Wynn’s positions.Big Bet Reflects Uncertainty In ETH’s Path
While Bitcoin continues to break through key resistance zones, Ethereum seems stuck in a tougher fight. Traders like 0x2258 appear to believe that ETH lacks the strength right now to push past the $3,500 level.
Still, shorting with this level of leverage is a double-edged sword. If ETH bounces sharply, traders like 0x2258 could get caught in a squeeze, forced to buy back in at a loss—driving the price up even faster.
So far, though, the whale is winning again. Whether it ends in another multi-million-dollar gain or a hard reset depends on what ETH does next. For now, the market is waiting to see what happens next.
Featured image from Meta, chart from TradingView
