Lookonchain
Whale wallet 0x50b3 opened a 25x leveraged short on 23,151 $ETH, roughly $50.55M notional, alongside a 20x leveraged long on 323.72 $BTC, roughly $25.27M notional.
Why it matters
The cross-pair structure is the signal: this isn't a blanket crypto bet, it's a relative-value trade. Going long BTC while shorting ETH on leverage is a direct wager that the BTC/ETH ratio strengthens from here. The ETH leg is twice the notional size of the BTC leg, so the trade is also expressing a mild net-short bias on combined exposure once you net the two positions. Liquidation sits at $2,288.33 on the ETH short and $70,325.36 on the BTC long — levels the market would need to push through to flush the position.
Market impact
Leveraged whale flows on this scale tend to attract copy-traders and frame short-term sentiment on both pairs. Traders watching the BTC/ETH ratio will read the $50.55M ETH short as a vote against near-term ETH outperformance, while the simultaneous BTC long keeps the trader exposed to upside in the larger asset. The narrow liquidation buffer on the 25x ETH short — the entry is well above the $2,288 trigger — means any sharp ETH rally could force a quick unwind.
Source: [HypurrScan Beta](https://hypurrscan.io/address/0x50b309f78e774a756a2230e1769729094cac9f20#perps)
Frequently asked questions
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What did whale 0x50b3 actually do?
The wallet opened a 25x leveraged short on 23,151 ETH (~$50.55M notional) and a 20x leveraged long on 323.72 BTC (~$25.27M notional) simultaneously.
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What are the liquidation prices on the trade?
The ETH short liquidates at $2,288.33 and the BTC long liquidates at $70,325.36 — the price levels at which the leveraged positions would be forcibly closed.
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Is this a bearish trade on crypto overall?
Not necessarily. Long BTC / short ETH is a relative-value trade betting on the BTC/ETH ratio strengthening. The ETH leg is roughly 2x the BTC leg notional, so there is a mild net-short bias on combined exposure.
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Why does a 25x leverage short matter?
High leverage means a small adverse move against the position can trigger liquidation. The ETH short sits in a narrow buffer above its $2,288 liquidation level, so a sharp rally could force a fast unwind.
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Where can the position be tracked?
The wallet's perpetual positions are visible on HypurrScan at the address 0x50b309f78e774a756a2230e1769729094cac9f20.
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