An Ethereum whale known for correctly shorting Ether during the October 2025 crypto crash has re-emerged after an eight-month hiatus. On Friday, wallet 0xf83f...6728 opened a $19.72 million short position with 20x leverage as ETH traded near the critical $1,500 support zone, according to data from Hyperbot.
The position was opened at an average entry price of roughly $1,565. As of press time, the whale had already secured around $106,500 in unrealized profits as Ether slipped to the $1,550 area. The move mirrors the trader's earlier strategy: shorting ETH into weakness and using high leverage to amplify gains.
The whale first made a name for itself in October 2025, when it opened a short near $4,172 during the crypto crash. That trade was closed near $4,133, yielding a net profit of $41,693. The current trade is significantly larger, with notional exposure approaching $20 million.
Technical analysis suggests the whale's bearish bet may pay off. ETH appears to be breaking down from a bear flag pattern, a continuation setup that often signals further downside. If the breakdown holds, Ether could decline to $1,375, which would boost the whale's unrealized profit to roughly $2.39 million before fees and funding costs.
However, the short is not without risk. ETH is simultaneously forming a potential double bottom near $1,500–$1,512, a bullish reversal pattern. A decisive daily close above the neckline near $1,850 would confirm the double bottom and could trigger a rebound toward $2,190. That level is dangerously close to the whale's estimated liquidation zone near $2,150, meaning a strong rally could wipe out the entire position if the trader does not add collateral.
The wider market context adds pressure on Ethereum. The sell-off has been driven by a tech-led risk aversion trend, with traders cutting exposure to speculative assets as Nasdaq and chip stocks fell. Additionally, renewed scrutiny of the Ethereum Foundation over reported budget cuts and senior departures has further weighed on sentiment.