Important points
- Major crypto traders have increased their bearish bets on Bitcoin, Ethereum, and Solana.
- The total value of these shorts reached $169 million.
A major crypto trader has increased his bearish bets on Bitcoin, Ethereum, and Solana, increasing his total leveraged shorts to $169 million, according to data from OnChainLens, an analytics platform that tracks blockchain trading activity.
Current positions include 36,281 ETH worth $106 million, 552 BTC worth about $48 million, and 114,677 SOL worth about $14 million.
These aggressive short positions come at a time when crypto prices are already under pressure. On Monday night, Bitcoin fell to $87,000, while Ethereum traded below $3,000 and Solana fell below $123, according to CoinGecko.
Bitcoin remains the largest decentralized crypto asset by market value, and Ethereum serves as the leading platform for smart contracts and decentralized applications. Solana is known for fast transaction processing.