This Trader Just Bet $100M Against Ethereum

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A cryptocurrency trader has opened one of the largest visible Ethereum (ETH) bearish positions currently active on Hyperliquid, placing a leveraged short worth more than $100 million against the world’s second-largest crypto. The position immediately attracted attention across the crypto market because its liquidation price sits only a few dozen dollars above Ethereum’s current trading level. With ETH continuing to trade above $2,100, even a relatively modest upward move could put significant pressure on the position.

Trader Opens Massive 23x Leveraged Ethereum Short

According to blockchain data shared by crypto industry analytics firm Lookonchain on May 25, wallet address 0x50b3…4ca9f20 opened a short position of approximately 47,604 ETH, representing a notional value of about $100.3 million.

The trader used 23x cross leverage, making the position highly sensitive to short-term price movements. Data from the position shows an average entry price of approximately $2,094.92 per ETH, whereas the liquidation level sits at $2,149.84.

At the time the position was highlighted on May 25, Ethereum was trading around $2,116, leaving $33 between the market price and the liquidation threshold. Its current price represents a 0.2% decline in the last 24 hours, an advance of 0.2% over the week, and an 8.6% drop across the past month.

The position was already showing an unrealized loss exceeding $600,000, illustrating how quickly large leveraged trades can swing in value even during relatively small market moves.

Ethereum Traders Watch Key Resistance Levels

The oversized short arrives as Ethereum attempts to stabilize following recent volatility across the wider crypto market.

Large leveraged positions often become focal points for traders because they can influence short-term sentiment and occasionally trigger aggressive price action if liquidation levels are approached. A move above the trader’s liquidation price could force automatic position closures, potentially adding further buying pressure to the market.

However, the existence of a large short position doesn’t necessarily indicate general bearish conviction. Professional traders frequently use leverage for hedging, basis trades, or market-neutral strategies instead of outright directional bets.

Still, the size of this position stands out even in crypto derivatives markets. With more than $100 million on the line and liquidation sitting close to current prices, market participants will likely continue monitoring Ethereum’s next move to see whether the trader’s high-risk wager pays off or becomes one of the latest large liquidations in crypto.