Trader 0xcB92 increased his Ethereum short to 50K ETH.
Unrealized profits dropped from $26M to $13.9M.
He shows strong conviction in further ETH downside.
Betting Big Against Ethereum
In a surprising move, renowned crypto trader 0xcB92 has taken a bold stance by expanding his short position on Ethereum, now holding 50,000 ETH—worth roughly $122 million. Despite a notable drop in unrealized profit, he appears unfazed and even more committed to his bearish thesis.
From $26M in Profit to $13.9M: Holding Through the Dip
Originally, 0xcB92 had racked up over $26 million in unrealized gains on his short position. Instead of taking profits, he doubled down, adding another 10,000 ETH to his short. Now with 50,000 ETH on the line, his paper profits have dropped to $13.9 million—but the move signals conviction, not retreat.
This kind of high-stakes position shows that the trader expects further declines in Ethereum’s price. While others might have exited with sizeable gains, 0xcB92 seems to be playing the long game—betting that ETH hasn’t reached its bottom yet.
Smart trader 0xcB92 doesn't seem bullish on $ETH.
His $ETH short once had over $26M in unrealized profit, but he didn't close it—instead, he doubled down by adding another 10K $ETH.
He now holds 50K $ETH($122M) short, with profits down to $13.9M.https://t.co/PZR8ypAal9 pic.twitter.com/wCnZ8BKNZt
— Lookonchain (@lookonchain) June 25, 2025
A Risky Strategy or Expert Timing?
Such aggressive shorting doesn’t come without risks. If ETH were to rebound sharply, the position could quickly reverse, putting millions at risk. However, based on his track record, 0xcB92 is known for timing his entries with precision. Market watchers note that he tends to short near peaks and take long positions during dips—racking up consistent gains in past market cycles.
Whether this move turns out to be a masterstroke or a costly miscalculation will depend on ETH’s price direction in the coming days. Traders and analysts alike are watching closely, as such a large short position can also influence market sentiment and price action.
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