A major crypto trader has taken a sharply bearish view of digital asset markets by opening about USD 243 million of leveraged short positions in Bitcoin, Ethereum and Solana — at a time when these markets are struggling to regain momentum.
The move, tracked by on-chain analytics platform Onchain Lens, is one of the largest coordinated short bets in recent months. According to on-chain data, the whale — wallet address 0x94d3 — sold 255 BTC on Friday at an average price of USD 85,378, raising about USD 21.77 million in liquidity to fund the positions. It then opened shorts of 1,899 BTC at 10x leverage (about USD 168 million), 18,527.53 ETH at 15x leverage (about USD 56 million) and 151,209.08 SOL at 20x leverage (about USD 19 million).
The aggressive positioning comes as crypto markets face mounting pressure. As of 23 December, Bitcoin was trading around USD 87,780, down 2.4% in 24 hours; Ethereum was around USD 3,006 and Solana USD 125.76. Total crypto market capitalisation fell 2.4% to USD 3.06 trillion.
Liquidation risk in a highly leveraged bet
The whale’s strategy of high leverage magnifies both potential returns and risks. With Bitcoin trading near USD 87,175 — close to the whale’s average short entry — any upward move could cause significant losses. According to CoinGape, the Ethereum position currently shows an unrealised profit, as ETH is below the average short entry of USD 3,012; however, a move above that level could turn profit into loss.
The Solana position is especially sensitive: with an average entry of about USD 125.6 and current prices near USD 124.40, the trade is close to breakeven, and any directional move could quickly change the outcome.
Market sentiment remains deeply negative, with the Crypto Fear & Greed Index between 24 and 29, indicating “extreme fear” among investors. Although this is better than last week (22) and last month’s extreme-fear level (10), it still reflects widespread caution, especially as Bitcoin has recorded its worst quarterly performance since 2018.
The whale’s coordinated bet against major cryptocurrencies signals doubt about the durability of any market rebound, particularly as trading volume remains high at USD 109.3 billion despite falling prices. Market observers believe such large positions can influence short-term price action — either by adding selling pressure or, if prices rebound sharply, by creating the potential for a “short squeeze”.
