Crypto whale 0x8c58 is facing a potentially devastating loss of over $26 million after taking a highly leveraged short position on Ethereum. The investor entered a 20x leveraged short position, betting on ETH prices to fall. However, the cryptocurrency has rallied instead, bringing 0x8c58’s entire position perilously close to liquidation at $5,002.3. This high-leverage trade is inherently risky, as it amplifies gains but also exposes traders to rapid losses in a fluctuating market. 0x8c58’s inability to inject additional margin could force their position to be closed, leaving them with a major loss. The possibility of this liquidation event is raising eyebrows amongst crypto observers who closely watch the whale’s actions. The unfolding situation has sparked debate about the risks of aggressive leverage in volatile markets like Ethereum.