CoinTelegraph
An Ethereum whale who called the October 2025 crash has reopened a leveraged $ETH short worth $19.7 million at 20x, betting on a fresh correction in the second-largest cryptocurrency. The position marks a return for a trader whose prior short lined up with a multi-month drawdown.
Why it matters
Whale-level leveraged shorts rarely sit in isolation. A 20x position is a high-conviction directional bet; even modest adverse moves trigger forced rebalancing, amplifying volatility on both sides. When a trader with a verified track record opens one, the market reads it as a signal of where informed money thinks the next inflection lives. The fresh short lands alongside technical indicators pointing to a corrective path toward $1,375 on Ether.
Market impact
The position does not move spot price on its own, but it sharpens the near-term sentiment skew around $ETH. Leveraged shorts at this size raise the probability of cascading liquidations if price drifts against them, and that tail risk feeds back into derivatives funding rates. Traders watching the same wallet will be tracking on-chain entries, margin top-ups, and any incremental adds for confirmation that the thesis is holding.
Source: [Ethereum Whale Who Shorted October 2025 Crash Returns With $19.7M Short ETH Bet — Cointelegraph](https://cointelegraph.com/markets/ethereum-whale-who-shorted-october-2025-crash-returns-with-a-197m-short-eth-bet)
Frequently asked questions
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Who is the Ethereum whale behind the new $19.7M short?
An on-chain trader whose wallet previously opened a leveraged short that lined up with the October 2025 crash in Ether. The same address has now returned with a fresh 20x short worth $19.7 million.
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What is the whale's new leveraged short position?
A $19.7 million 20x leveraged short on $ETH, meaning the position is highly leveraged and vulnerable to forced rebalancing if Ether moves against it.
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What price target has the technical analysis suggested?
Technical data circulating alongside the position points to a corrective path toward $1,375 on Ether.
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How does a leveraged short of this size affect ETH price?
The position does not move spot price on its own, but a 20x short amplifies tail risk of cascading liquidations and feeds back into derivatives funding rates and short-term sentiment.
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What on-chain signals should traders watch next?
Margin top-ups, incremental adds to the short, or a quiet close of the position are the cleanest signals from this wallet on whether the bearish thesis is holding or being covered.
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