After Ethereum broke a five-month high, the coin has come under pressure once again, this time from whales betting against its uptrend.
On-chain data reveals that a high-profile trader, known with the wallet address 0x2258, has opened a massive short position against ETH. This move follows a series of successful trades that have already netted the whale over $15 million in profit.
$62.5M Ethereum Short Opens Amid Tight Market Conditions
According to data tracked through Hyperdash, whale 0x2258 has opened a short position worth $62.42 million, equivalent to 20,474 ETH, using a staggering 18x leverage.
The entry price sits at $3,060.45. With ETH trading below $3,000 at press time, the whale’s position is currently yielding an unrealized profit of over $1.14 million (30% ROE).
The position’s liquidation price is $3,505.34, giving the whale a relatively narrow buffer should ETH prices spike. Notably, Ethereum last traded at this level in January 2025, six months ago, making this a significant resistance level.
The whale appears confident that ETH won’t reclaim that level soon, hence the aggressive leverage against ETH bulls.
History of Outsmarting James Wynn
This isn’t the whale’s first significant move. Specifically, trader 0x2258 has gained a reputation for taking the opposite side of James Wynn’s trades and profiting handsomely.
Notably, James Wynn made waves in the crypto space months ago for high-stakes positions that resulted in the loss of multimillion-dollar fortunes. Back in May:
- On May 24, 0x2258 began shorting ETH and Bitcoin as Wynn went long.
- On May 25, after Wynn exited his long positions, 0x2258 closed his shorts, pocketing $1.36 million.
- When Wynn flipped short, 0x2258 went long and exited with a $2.54 million profit a day later.
- The cycle repeated, and by May 26, the whale had accumulated a $5.6 million profit in just three days.
This strategic inverse trading continued to compound profits, ultimately contributing to over $15 million in total realized gains.
Whale 0x2258, who's already made over $15M, is shorting $ETH with 18x leverage, holding a position of 20,474 $ETH($62.5M).
This whale has previously profited big by trading against James Wynn.https://t.co/BALllYbUXbhttps://t.co/NhOE1YD4QN pic.twitter.com/7k5ZE81Noa
— Lookonchain (@lookonchain) July 15, 2025
Overall, the current ETH short highlights a lack of confidence in Ethereum’s ongoing bull trend, even as Bitcoin continues to break through higher resistance levels.
Moreover, the trader’s contrarian strategy against high-profile influencers like James Wynn continues to draw attention. Whether this new short results in another multimillion-dollar win remains to be seen.