Whale with $8.83 million simultaneously shorts BTC and ETH, 20x leverage signals a bearish outlook

A certain whale opened both BTC and ETH short positions within the past half hour, with a total position size of $8.83 million. This operation used 20x leverage, indicating a clear bearish outlook. According to Hyperinsight’s monitoring data, the whale has placed significant bets on both directions, which warrants attention to their underlying market judgment.

Whale’s Dual Short Position Strategy

Specific Position Details

Based on the latest information, the two new short positions initiated by the whale starting with 0xdf78 are as follows:

The combined size of these two short positions reaches $8.83 million. It’s important to note that 20x leverage means the whale only needs to put up approximately $440,000 in margin to control this scale of position, reflecting a high level of confidence in the bearish view.

Key Features of the Operation

• Simultaneity: The whale opened BTC and ETH shorts at the same time, rather than in a staggered manner, indicating a coordinated strategy.
• High Leverage: 20x leverage is considered aggressive in derivatives markets, showing the whale’s willingness to take on higher risk.
• Symmetry: The USD values of both shorts are close (around $4.45 million and $4.38 million), demonstrating a balanced allocation approach.

Market Context and Whale’s Expectations

Current Market Conditions

According to the latest data, BTC’s current price is $89,046.11, which is very close to the whale’s BTC short average price of $89,064. From recent trends, BTC has already experienced a significant correction:

• Last 7 days: down 6.84%
• Last 24 hours: down 0.95%
• Last 1 hour: down 0.34%

This indicates the market has entered a correction phase, and the whale’s short positions are aligned with this timing.

Implications of the Liquidation Price Setting

The BTC liquidation price is set at $98,000, suggesting the whale expects BTC to rebound before reaching that level. In other words, the whale believes that the current price of $89,046 has room to fall further but not indefinitely.

The ETH liquidation price is set at $3,213, offering about a 10% buffer above the current average price of $2,917. This method of setting liquidation prices typically reflects the whale’s specific expectations of market volatility ranges.

Personal Insights

From this operation, several interesting signals can be observed:

First, the whale chose to short two major cryptocurrencies when BTC’s market dominance reached 59.21%, which is not a random gamble but a judgment on the overall market direction. When BTC, the market leader, accounts for such a high proportion, it often signals potential market divergence or correction.

Second, the use of 20x leverage indicates a high level of confidence in their judgment. This is not a tentative move but a proactive attack with clear expectations.

Third, shorting both BTC and ETH simultaneously rather than just one suggests the whale views this correction as systemic rather than isolated to individual coins.

Summary

The whale’s $8.83 million dual short operation sends a clear bearish signal. In the context of BTC’s 7-day decline of 6.84%, this move further confirms expectations of a market correction. The use of 20x leverage demonstrates the whale’s risk tolerance and firm outlook, while shorting two major cryptocurrencies hints at a broader market judgment.

Next, it’s important to monitor whether the whale’s positions will continue to grow, whether the market will follow the expected downward trend, and at what price levels the whale might take profits or cut losses. These data points will further validate the accuracy of the whale’s market assessment.