A high-stakes Ethereum short has taken center stage as whale trader 0xCB92 increased his bearish bet to a massive 60,000 ETH, worth over $213.5 million. The bold move follows a partial liquidation after Ethereum surged past $3,700, but rather than backing down, the trader doubled his position with over $4.25 million in unrealized profit already stacked.
This isn’t 0xCB92’s first time swinging big. Earlier this year, the same trader shorted ETH after it broke above $3,940—once again targeting moments of market FOMO to capitalize on emotional highs. His strategy echoes a growing trend among elite traders who lean into over-leveraged peaks.
Fueling his approach is Hyperliquid’s zero-gas-fee platform, a next-gen trading venue built on its custom L1 blockchain. The platform allows whales to deploy heavy leverage efficiently, avoiding network congestion and high costs that would normally slow them down.
Meanwhile, market conditions are lining up for volatility. According to CoinGecko, Ethereum’s trading volume jumped 29.10% in the past 24 hours, hitting $24.7 billion. That kind of spike often signals intense movement—perfect conditions for short positions to either thrive or die fast.
Academic research backs the caution: a 2019 Journal of Finance study showed whale-level leverage can amplify market swings by up to 20%, triggering liquidity shocks that ripple through the entire crypto landscape.
With ETH bulls pushing and whales swinging hard in the opposite direction, the market’s next move could be explosive. Will the shorts win again—or are they walking into a trap?
Stay locked in.
