TOKENICATION_ is your reliable source for the latest news and analysis on cryptocurrencies. We provide up-to-date information on Bitcoin, Ethereum, and other digital currencies to keep you informed about the latest trends and help you make informed decisions.
Date: 2025-02-25 17:40:31
A large Ethereum investor is looking at an unrealized profit of $58 million after shorting ether at $3,220.
As data from Coinglass reveals that crypto liquidations have surpassed $1 billion amid a new market downturn, many traders have experienced hefty losses. Nevertheless, one trader who shorted Ethereum (ETH) is poised for substantial gains as Bitcoin (BTC) and altcoins tumble.
The whale shorted ETH with a leverage of 50x, taking this stance as the top alternative coin was valued at $3,220.
Based on data shared by Lookonchain, the trader currently has an unrealized profit of $58 million, inclusive of funding fees. This comes as ether dipped below $2,400. On Feb. 25, the leading altcoin by market capitalization witnessed a double-digit drop, reaching a low of $2,337, its lowest point since September 2024.
On Feb. 3, Lookonchain reported another whale's short position that resulted in more than $30 million in profit. This trader also applied a leverage of 50x, and as ether declined, their position moved into an unrealized profit.
Over the past few weeks, Ethereum has experienced significant selling pressure, with the latest drop coinciding with elevated exchange inflows. Whale Alert informed that 50,000 ether was moved from an anonymous wallet to Kraken.
Read More: "Aleksei Andriunin, Gotbit Founder, Extradited to U.S. for Alleged Fraud Offenses"
On Tuesday, on-chain data indicated that BlackRock deposited 18,168 ether, worth over $44 million, to Coinbase. The asset manager also transferred 1,800 bitcoin, worth about $160 million, to the U.S.-based exchange. Solid Intel shared the BlackRock transactions on X.
Contrasting the ETH whale who went short, Lookonchain previously highlighted a Bitcoin whale that lost $8.8 million after going long on BTC.
The trader initiated a long position when bitcoin was around $101,663.
As the leading cryptocurrency's price fell below $90,000, the position turned into an $8.84 million loss on Hyperliquid.
Read More: "Dubai Authorizes Circle's USDC and EURC Stablecoins for DIFC Operations"