Ethereum Whale Sees $26M Paper Loss on 20x Short as Price Surges; ETH Foundation Sells Over 5K ETH

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A wallet has been holding onto an Ethereum short position for over a month now, but could be on the verge of liquidation as the Ether price rally persists.

The whale address “0x8c58” opened a short position at $2,969 on Hyperliquid with a 20x leverage on July 1, with Ethereum correcting 3% on the day. Meanwhile, Ethereum quickly rebounded the next day and has been on a parabolic expansion since then.

Ethereum Whale Now At Risk of Liquidation

With Ethereum crossing a 4-year top of $4,600 today, the whale is now at risk of liquidation. The address sits at an unrealized loss of $26 million, with its liquidation price at $5,000.

Ethereum Foundation Wallet Sells 5,094 ETH

First, the wallet moved 1,696 ETH over two transactions on August 12 for 7.72 million DAI at $4,556. Then it sold another 1,100 ETH ($5.06 million) by 0:27 (UTC) today. A few minutes later, the address sold 2,300 ETH ($10.5 million) over five transactions, culminating in the 5,094 ETH.

In return, the wallet received a total of 18.71 million DAI stablecoin. However, it currently holds 11.58 million DAI, having moved over 7.1 million DAI to a DSProxy address.

Notably, the address originally received 20,756 ETH ($95.5 million) from the Ethereum Foundation wallet “EF 1” back in 2017. With the sale, which is its first major transaction in 128 days, the wallet now holds 100 ETH ($463,937).

ETH2.33%
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