An Ethereum whale that shorted Ether (ETH) during the October 2025 crypto crash is back after eight months of silence.
Key points to remember:
- Ethereum whale opens 20x ETH short $19.72M near $1,500 support zone.
- The ETH bear flag pattern portends a decline towards $1,375, which could net the whale around $2.39 million in profits.
Ethereum Whale Opens 20 Soon After Eight-Month Hiatus
On Friday, wallet “0xf83f…6728” opened a short position in 20x leveraged ETH worth $19.72 million as Ether reached the $1,500 support zone after falling 18.25% over the past two weeks.
The position was opened at an average price of around $1,565, according to the data resource. Hyperbot. At press time, the whale had earned nearly $106,500 in unrealized profits as the ETH price fell around $1,550.
$19.72 million position status of the Ethereum whale on Friday. Source: Hyperbot
The bearish sentiment in the Ethereum market followed a broader trend. technology risk liquidationtraders reducing their exposure to speculative assets as Nasdaq and chip stocks came under pressure.
Ethereum-specific sentiment has weakened further amid renewed scrutiny from the Ethereum Foundation, following reports from budget cuts, staff reductions and a wave of senior departures which raised questions about the stability of the organization’s leadership.
Ether is eyeing a decline towards the $1,375 level if it continues to move away from its dominant bear flag pattern.
ETH/USD daily price chart following bear flag breakdown pattern. Source: TradingView
If ETH falls to $1,375, the whale’s unrealized profit would amount to approximately $2.39 million before fees and funding, based on the position’s entry price of approximately $1,565.
Same whale shorted ETH as October 2025 crash peak approaches
The latest initiative in the portfolio stands out for its trading history.
Transaction logs show that the “0xf83f…6728” wallet last became active on October 27, 2025, when it opened a short position in ETH near $4,172, as volatility from the October crypto crash subsided.
Related: Are Ethereum OGs jumping ship? Here’s what the data says
The trader then closed the position near $4,133, recording a net profit of $41,693 after $5,263 in exchange fees.
ETH orders executed by the Ethereum whale starting October 2025. Source: Hyperbot
The whale’s current strategy seems similar: sell ETH to weakness, use high leverage, and rely on bearish momentum. The scale has changed dramatically, however, as the current position carries almost $20 million in notional exposure, making it far larger than the whale’s October 2025 trade.
ETH Double Bottom Could Threaten Whale Shorts
The bearish whale bet is not without risk.
Ether’s daily chart on Friday showed a potential double bottom near the $1,500-$1,512 support zone, where buyers stepped in twice in June. The pattern is still unconfirmed, but a strong rebound from this area could shift short-term momentum back toward the bulls.
ETH/USD daily price chart following a potential double bottom breakout pattern. Source: TradingView
The key level to watch is the neckline near $1,850. A decisive daily close above this level would confirm the double-bottom trend and open the door for a measured bounce towards around $2,190, based on the neck-to-bottom distance of $1,512.
This would place ETH near the whale liquidation zone near $2,150, meaning a confirmed bullish reversal could pressure or even erase the short position if the trader does not add collateral or reduce exposure.
