A well-known crypto whale has made a significant move against Ethereum, opening a $62.42 million short position using 18x leverage. The trader, identified by the wallet address “0x2258…”, is heavily betting that ETH won’t climb anytime soon—and so far, the gamble is paying off.
According to blockchain data monitored via Hyperdash, the whale shorted 20,474 ETH at an entry point of $3,060. As ETH has been trading below $3,000 at the time of writing, the whale is already reaping an unrealized profit of approximately $1.14 million, equating to returns of 30%.
Ethereum Under Pressure Below $3,500
The liquidation value of this position is at $3,505 — a level that ETH traded at previously in January 2025. This point now serves as a formidable resistance level. Should the price exceed this mark, the position risks complete liquidation.
Whale 0x2258, who’s already made over $15M, is shorting $ETH with 18x leverage, holding a position of 20,474 $ETH($62.5M).
This whale has previously profited significantly by trading against James Wynn.https://t.co/BALllYbUXbhttps://t.co/NhOE1YD4QN pic.twitter.com/7k5ZE81Noa
— Lookonchain (@lookonchain) July 15, 2025
Despite a narrow buffer, the trader appears confident. The use of 18x leverage indicates a strong belief that ETH will decline further or, at the very least, will not breach the resistance level in the short term.
This kind of extensive shorting is raising eyebrows in a market still ambivalent about Ethereum’s ability to regain bullish momentum alongside Bitcoin.
Track Record of Outsmarting James Wynn
This isn’t the first time “0x2258…” has made audacious trades. The wallet has built a reputation for taking positions that directly oppose crypto influencer James Wynn—often with profitable results.
In May, while Wynn went long on ETH and Bitcoin, 0x2258 shorted both. When Wynn closed his positions, 0x2258 did the same, netting $1.36 million. The following day, as Wynn turned bearish, 0x2258 went long again and secured another $2.54 million.
The back-and-forth trading strategy led to $5.6 million in profits within just three days. Since then, this approach has resulted in over $15 million in realized gains, primarily by countering Wynn’s positions.
Big Bet Reflects Uncertainty in ETH’s Path
While Bitcoin continues to surge through key resistance areas, Ethereum is engaged in a more challenging battle. Traders like 0x2258 seem to believe that ETH currently lacks the momentum to surpass the $3,500 mark.
However, shorting with such high leverage is a double-edged sword. Should ETH rebound sharply, traders like 0x2258 could find themselves compelled to buy back in at a loss, potentially driving the price up even faster.
For the time being, though, the whale is ahead. The outcome—whether it results in another multi-million-dollar gain or a significant loss—hinges on Ethereum’s next movements. The market is currently watching closely.
Featured image from Meta, chart from TradingView
