Whale Opens $1.999 Million Short Position on Ethereum with 25x Leverage
A whale has opened a significant short position on Ethereum using the decentralized exchange Hyperliquid. Key details include:
- The whale deposited 3.876 million USDC into Hyperliquid.
- Seven hours later, a short position worth approximately $1.999 million was established with 25x leverage.
- The entry price for this position is set at $2,568.12, creating a potential for loss if Ethereum's price rises.
- This move comes amid Ethereum's price fluctuations; it reached a high of $2,700 before dropping 4% due to large wallet holders exiting.
Concerns are rising in the community regarding the risks associated with high-leverage positions, especially after a previous incident where a trader lost over $4 million. Analysts continue to monitor Ethereum’s trajectory, noting that a stable support level at $2,200 could lead to tests of the $3,000 mark.
Recent developments, including the Pectra upgrade and proposals from Vitalik Buterin for network improvements, may influence market sentiment positively.