The Ethereum whale that shorted Ether ($ETH) It was revived after 8 months of silence during the virtual currency crash in October 2025.
Important points:
- Ethereum whale opens $19.72 million at 20x $ETH Short near the $1,500 support zone.
- $ETHA bear flag on the stock suggests a decline to $1,375, which could net the whale a gain of around $2.39 million.
Ethereum whale opens 20x short after 8-month hiatus
On Friday, wallet “0xf83f…6728” opened 20x leverage $ETH Ether reached the $1,500 support zone after falling 18.25% over the past two weeks, resulting in $19.72 million worth of shorts.
The position was opened at an average price of around $1,565, according to data resource Hyperbot. As of this writing, Whale had earned approximately $106,500 in unrealized gains. $ETH The price fell around $1,550.
Ethereum whale’s $19.72 million position status as of Friday. Source: Hyperbot
Downside sentiment in the Ethereum market has seen traders reduce exposure to speculative assets and track a broader tech-driven risk sell-off as Nasdaq and semiconductor stocks come under pressure.
Ethereum-specific sentiment has further weakened amid renewed scrutiny of the Ethereum Foundation following reports of budget cuts, staff reductions, and a spate of executive resignations that call into question the stability of the organization’s leadership.
Ether is targeting a drop towards the $1,375 level if the breakdown from the prevailing bear flag pattern continues.
$ETH/USD Daily price chart that tracks the breakdown setting of the bearish flag. Source: TradingView
if $ETH falls to $1,375, the whale’s unrealized gain, excluding fees and financing, increases to approximately $2.39 million, based on the position’s entry price of approximately $1,565.
The same whale shorted $ETH Near the top of the crash in October 2025
The wallet’s recent movements are highlighted by its transaction history.
The transaction log shows that wallet “0xf83f…6728” was last active on October 27, 2025; $ETH I went short around $4,172 as the volatility from October’s crypto crash was easing.
The trader then closed the position at around $4,133, making a net profit of $41,693 after deducting $5,263 in exchange fees.
Lots of Ethereum whales $ETH Orders start from October 2025. Source: Hyperbot
Whale’s current strategy appears to be similar: Short. $ETH Be vulnerable, take advantage of high leverage, and lean toward downward momentum. However, the size has changed rapidly, as the current position has a notional exposure of nearly $20 million, much larger than the whale’s October 2025 trade.
$ETH Double bottom could threaten short whales
Bearish bets on whales are not without risk.
As of Friday, Ether’s daily chart showed a possible double bottom near the $1,500 to $1,512 support area where buyers intervened twice in June. Although this setup is still unconfirmed, a strong rebound from this zone could shift short-term momentum back to the bulls.
$ETHThe /USD daily chart tracks a potential double bottom breakout setup. Source: TradingView
The key level to watch is the neckline near $1,850. A decisive daily close above this level would confirm the double bottom pattern and open the door for a measured rebound towards around $2,190 based on the distance between the neckline and the $1,512 bottom.
it will put $ETH Close to the whale liquidation zone around $2,150. This means short positions could be squeezed or even wiped out if a bullish reversal is confirmed unless traders add collateral or reduce their exposure.
