📰 Whale Trader Suffers $4.7 Million Loss Betting Against Ethereum

A whale trader with wallet address 0x8Be548...B58 is facing massive losses after placing a high-leverage short position on Ethereum (ETH).

According to data from HypurrScan, the address is currently holding a short position of over 4,452 ETH with 25x leverage, entered at a price of $2,211.7. With ETH now trading above $2,382, the unrealized loss has ballooned to -$758,712 just from this position.

Worse still, the wallet shows total cumulative losses of over $4.72 million on the platform, including both open and closed trades.

Several large ETH-USDT short positions were forcibly closed just minutes ago, indicating stop-losses or liquidations as the market moved against the trader.

This event comes as ETH and the broader crypto market are experiencing a strong recovery, posing high risk for short sellers.

https://hypurrscan.io/address/0x8Be54826358c3D3C5EA516469Ae412EE47079B58