Bitcoin Veteran Takes Massive Ethereum Short Position

A well-known figure in the Bitcoin world has taken a significant short position against Ethereum on decentralized exchange Hyperliquid. This move, valued at approximately $330 million, represents a high-risk bet involving 76,242 ETH and a leverage of 12x, with a liquidation price set at $4,613.7 per ETH. The trader is expecting a significant drop in Ethereum’s price before any potential upward movement. 30 Million USDC was deposited into Hyperliquid to execute this trade.