An Ethereum whale who shorted Ether (ETH) during the October 2025 crypto crash has returned after eight months of silence.
Key takeaways:
- Ethereum whale opens a $19.72 million 20x ETH short near the $1,500 support zone.
- ETH’s bear flag setup hints at a decline toward $1,375, which may earn the whale roughly $2.39 million in profits.
Ethereum whale opens 20x short after eight-month hiatus
On Friday, wallet ‘0xf83f…6728’ opened a 20x-leveraged ETH short worth $19.72 million as Ether reached the $1,500 support zone after dropping 18.25% over the last two weeks.
The position was opened at an average price of around $1,565, according to data resource Hyperbot. As of this press time, the whale had earned nearly $106,500 in unrealized profits as the ETH price dropped around the $1,550 area.
Ethereum whale’s $19.72M position status as of Friday. Source: Hyperbot
The downside sentiment in the Ethereum market has tracked a broader tech-led risk selloff, with traders cutting exposure to speculative assets as Nasdaq and chip stocks came under pressure.
Ethereum-specific sentiment has weakened further amid renewed scrutiny of the Ethereum Foundation, following reports of budget cuts, staff reductions and a wave of senior departures that have raised questions about the organization’s leadership stability.
Ether is eyeing a decline toward the $1,375 level if it continues the breakdown out of its prevailing bear flag pattern.
ETH/USD daily price chart tracking the bear flag breakdown setup. Source: TradingView
If ETH falls to $1,375, the whale’s unrealized profit would rise to roughly $2.39 million before fees and funding, based on the position’s approximate $1,565 entry price.
Same whale shorted ETH near October 2025 crash top
The wallet’s latest move stands out because of its trading history.
Transaction logs show that wallet ‘0xf83f…6728’ last became active on Oct. 27, 2025, when it opened an ETH short near $4,172 as volatility from the October crypto crash was easing.
Related: Are Ethereum OGs jumping ship? Here’s what the data says
The trader later closed the position near $4,133, booking $41,693 in net profit after $5,263 in exchange fees.
Ethereum whale’s filled ETH orders from October 2025. Source: Hyperbot
The whale’s current strategy appears similar: short ETH into weakness, use high leverage, and lean into downside momentum. The scale has changed sharply, however, since the current position carries nearly $20 million in notional exposure, making it far larger than the whale’s October 2025 trade.
ETH double bottom could threaten the whale’s short
The whale’s bearish bet is not without risk.
As of Friday, Ether’s daily chart showed a potential double bottom near the $1,500–$1,512 support area, where buyers stepped in twice in June. The setup remains unconfirmed, but a strong rebound from this zone could shift short-term momentum back toward the bulls.
ETH/USD daily price chart tracking a potential double-bottom breakout setup. Source: TradingView
The key level to watch is the neckline near $1,850. A decisive daily close above that level would confirm the double bottom pattern and open the door to a measured rebound toward roughly $2,190, based on the distance between the neckline and the $1,512 bottom.
That would put ETH close to the whale’s liquidation zone near $2,150, meaning a confirmed bullish reversal could pressure or even wipe out the short position if the trader does not add collateral or reduce exposure.
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