A major cryptocurrency trader has expanded its bearish positions to nearly $243 million in leveraged shorts across bitcoin, ethereum and solana, betting on further market declines. This move follows the sale of 255 bitcoins and comes as these assets struggle with weak recovery efforts. The strategy highlights growing conviction in downside pressure amid choppy price action.
In recent on-chain activity, a prominent crypto whale has significantly bolstered its short positions, targeting bitcoin, ethereum and solana with high leverage. The total exposure now approaches $243 million, positioning it as one of the largest such bets in the market lately. This expansion builds on an earlier sale of 255 bitcoins, which provided funds for the additional shorts, and reflects a deliberate strategy rather than mere hedging.
The bulk of the position focuses on bitcoin, where the trader holds a short of 1,899 BTC valued at about $168 million using 10x leverage. This setup underscores expectations of near-term price drops, though it carries substantial risk if bitcoin rebounds. Ethereum accounts for the next largest stake, with 18,527.53 ETH shorted for roughly $56 million at 15x leverage. Like bitcoin, ethereum has shown a choppy pattern, failing to break higher and fostering bearish sentiment.
Solana forms the smallest yet most leveraged part of the trade: 151,209.08 SOL shorted at $19 million with 20x leverage. Currently, solana trades at $123.68, down 0.97% in the last day and 2.84% over the week, with elevated trading volume during the decline. Analyst Umair Crypto observes that solana's price structure remains unchanged, facing repeated rejections around $127. He suggests a possible liquidity sweep below $120, adding that the response in that zone, particularly in volume, will be crucial.
Overall, these positions align with broader struggles in major cryptocurrencies to sustain upward momentum, amplifying market pressure as participants monitor for potential pullbacks.
