A cryptocurrency trader has maintained a short position worth $90.3 million against Ethereum, generating an unrealized profit of $21.45 million as the digital currency continues its six-week decline, according to trading platform data.
According to Lookonchain, The trader identified by the wallet address 0xcB92, holds 40,000 ETH in short positions on Hyperliquid’s leverage trading platform, which allows traders to amplify gains through borrowed funds while risking liquidation if prices move against their positions.
Ethereum traded at $2,273.22 on June 22, according to CoinMarketCap, down from approximately $2,800 six weeks earlier. The decline has benefited traders betting against the cryptocurrency‘s price.
Hyperdash data shows the trader among the platform’s top performers, though the strategy carries significant risk if Ethereum’s price rebounds. Leverage trading amplifies both potential gains and losses.
The trader has declined to close the position despite accumulating roughly $20 million in profits from previous trades, according to trading records. Some market analysts suggest Ethereum could fall to $2,200 or lower based on technical indicators, though such predictions lack peer-reviewed economic validation.
According to reports Institutional investors have continued accumulating Ethereum despite retail selling pressure, creating mixed market signals.
The trade highlights the volatility in cryptocurrency markets, where digital assets can experience significant price swings within short periods. Ethereum remains the second-largest cryptocurrency by market capitalization after Bitcoin.
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