Whale Flips Bearish on ETH and SOL After Heavy Losses
A major crypto whale flips bearish, closing long ETH and SOL positions at a loss and opening massive shorts worth over $55M.
- Whale took $9M+ loss on ETH and SOL longs
- Opened short positions worth $55M
- Signals bearish sentiment on ETH and SOL
In a surprising move that has caught the attention of the crypto community, a well-known whale wallet—0xd85d—has flipped bearish on Ethereum (ETH) and Solana (SOL). According to on-chain data, the whale closed their long positions on both assets around five hours ago, taking significant losses in the process.
The whale exited a long ETH position with a $5.33 million loss and a SOL position with a $3.72 million loss. These back-to-back losses suggest a major change in market sentiment from bullish to bearish.
$55M in New Shorts Signal a Bearish Turn
Soon after closing the losing trades, the whale entered large short positions, betting that both ETH and SOL prices would fall in the near future. The whale opened a short position of 10,491 ETH, valued at approximately $38.7 million, and another of 100,000 SOL, worth about $16.86 million.
This move brings the total value of the whale’s short positions to over $55 million, a bold signal of expected downward price movement. Such high-volume shifts often attract attention from other traders and analysts, who view whale behavior as a key indicator of market trends.
What This Could Mean for the Market
Whales like 0xd85d are often closely watched because of their potential to move markets. Their decisions can be influenced by a range of factors including insider knowledge, macroeconomic trends, or technical indicators. While this bearish flip doesn’t guarantee price drops for ETH and SOL, it does raise concerns about short-term market performance.
Traders should proceed with caution and keep an eye on follow-up whale movements and broader market signals before making any high-risk decisions.
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