Is a cryptocurrency conspiracy unfolding? The connection between a 40x Bitcoin short whale and the first Ethereum backer.

The latest news is a bit crazy: a Bitcoin short position worth hundreds of millions, leveraged at 40x, is surprisingly linked to the wallet of one of Ethereum's earliest backers. What’s going on here?

A high-risk bet that attracts everyone's attention

First, let's set the stage. On March 16, 2025, reports emerged that a Bitcoin whale opened an astonishing short position: over 4,442 BTC, worth about $368 million, with leverage as high as 40x. For those unfamiliar, this means the trader borrowed 40 times the initial capital, amplifying both potential profits and risks. A mere 2.5% reverse movement in Bitcoin's price could wipe out this position, leading to instant liquidation. Entry price? About $84,040. Liquidation trigger point? About $85,592. This is not just a gamble, but walking a tightrope on a volcano.

However, according to the latest reports, this mysterious trader currently has unrealized gains exceeding $2 million, skillfully navigating Bitcoin's volatility. Coincidentally, this timing comes just before the Federal Open Market Committee (FOMC) meeting, a moment when the market typically prepares for turbulence. Is this a precise bet on Bitcoin's decline, or a deeper strategy?

Posts on X and various crypto news outlets claim that this whale's wallet is connected to Ethereum's 'first backer'—a genesis wallet that traces back to the very beginning of Ethereum, possibly linked to the 2014 crowdfunding campaign. If true, this is not just an ordinary whale, but a figure with historical roots in the crypto ecosystem, potentially having aided the birth of Ethereum alongside Vitalik Buterin and the founding team.

Why would an Ethereum elder short Bitcoin so aggressively? The implications are dizzying. Is this a power struggle between two blockchain giants? A strategic move to manipulate the market? Or merely a savvy trader leveraging deep financial resources and profound insights? The crypto community is divided on this—some say it's a conspiracy, while others marvel at it as a stroke of genius.

What might be brewing?

Let’s speculate—because in the crypto world, conjecture is half the fun. Here are a few possibilities:
An attempt to take down Bitcoin: Bitcoin's price has recently been challenging historic highs, breaking through $90,000. A short of this magnitude could trigger a cascade of liquidations, crashing the market and eliminating weak hands. If this whale is concerned about Ethereum, could this be an attempt to tilt the balance in ETH's favor?

Insider knowledge: The timing before the FOMC raises suspicion. Does this trader know something we don’t? Are they betting on macroeconomic signals, such as the Fed's hawkish stance, which could lead to a decline in risk assets like Bitcoin? Their Ethereum background may suggest they have access to elite networks and intelligence.

A crazy combo hedge: Perhaps it's not that complicated. This whale might be an early Ethereum investor holding a large amount of BTC. A 40x short could be a hedge against their long position, ensuring profits regardless of market fluctuations. But that leverage? It's either reckless or genius.

Sending signals: The crypto world loves a good story. If this is a boast—sending a signal to the market that the old guard still holds the reins? The connection to Ethereum's genesis may be a deliberately thrown clue, stirring up waves.

Big events are coming— or is it just hot air?

The phrase 'A big event is coming' has gone viral on Twitter. Whether this is the spark for a market turning point or another wild chapter in crypto legend, one thing is certain: all eyes are on this whale. If Bitcoin breaches $85,592, their position may vanish into thin air, becoming a cautionary tale. But if they bet right, and Bitcoin crashes, they stand to gain millions.
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