Ethereum Whale Shifts Bearish, Opens 20,000 ETH 2x Short
An Ethereum whale with address 0x0ddf closed ETH and BTC long positions on November 20, realizing an estimated $6.2 million loss. The Ethereum whale then opened a 2x short on 20,000 ETH (about $60.4 million), signaling a shift in on-chain sentiment. This leveraged trading move underscores divergent views among large holders. Traders can use these on-chain signals to assess risk and timing for ETH and BTC positions as whale activity often precedes significant price moves.
Bearish
Closing long positions at a loss and opening a sizable leveraged short position signals that this Ethereum whale expects downward price pressure. Historically, whale unwind events have coincided with market pullbacks, as seen in early 2025 when a similar closing of ETH longs preceded a 10% drop. In the short term, this bearish whale stance may increase selling pressure and push ETH prices lower. Longer term, persistent leveraged shorts could lead to funding rate adjustments or liquidations if markets reverse. Traders should monitor on-chain leverage metrics and whale addresses to gauge potential volatility and risk.