Lookonchain
On-chain data from HypurrScan shows whale address 0x50b3 has taken a pair of high-conviction leveraged positions: a 25x short on 23,151 ETH worth $50.55 million, and a 20x long on 323.72 BTC worth $25.27 million — a combined $75.82 million directional bet that ETH underperforms BTC.
The liquidation levels are tight by whale standards. The short gets wiped at $2,288.33 ETH, while the long unwinds at $70,325.36 BTC. At current prices, both positions carry meaningful liquidation risk if the market moves against the spread trade.
The ETH/BTC ratio has been a closely watched signal in recent months, with BTC dominance climbing while ETH has struggled to reclaim key levels. A whale of this size expressing the trade at 20-25x leverage is a strong directional signal — though the liquidation cascade risk cuts both ways if the market reverses sharply.
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