After Ethereum broke five months of height, the coin was under pressure again.
On-chain data A well-known trader known for wallet address 0x2258 reveals that he has opened a large short position against ETH. The move follows a series of successful deals that have already won whales over $15 million in profits.
The $62.5 million Ethereum Short opens amid tough market conditions
According to data tracked through HyperDash, Whale 0x2258 opened a short position worth $62.42 million, equivalent to 20,474 ETH, using an incredible 18x leverage.
The whales appear to be sure ETH will not regain that level anytime soon. Therefore, there is an aggressive leverage against the ETH bull.
The history of outmart James Wynn
This is not the first important move for the whale. Specifically, trader 0x2258 has earned a reputation for taking the opposite side of James Wynn’s trade and making a profit in handsome terms.
In particular, James Wynn made waves in the crypto space a few months ago, losing millions of dollars of fate. Back to May:
- On May 24th, 0x2258 began shorting ETH and Bitcoin due to longer Wynn.
- On May 25th, after Wynn finished his long position, 0x2258 closed his shorts and pocketed $1.36 million.
- A shortage of Wynn led to a longer 0x2258, earning a profit of $2.54 million a day later.
- The cycle was repeated, and by May 26th, the whales had accumulated $5.6 million in profits in just three days.
This strategic reverse trading continued to increase profits and ultimately contributed to gross profits of over $15 million.
Already over $15 million, Whale 0x2258 has a $ETH shortened with 18x leverage and holds a $20,474 ETH ($62.5 million) position.
The whale had previously made profits by trading against James Wynn.https://t.co/balllybuxbhttps://t.co/nhoe1yd4qn pic.twitter.com/7k5ze81noa
– lookonchain (@lookonchain) July 15, 2025
Overall, the current ETH short highlights a lack of confidence in Ethereum’s ongoing bull trends, despite Bitcoin continuing to break through higher levels of resistance.
Furthermore, traders’ inverse strategies for famous influencers like James Wynn continue to attract attention. It remains to be seen whether this new short will bring another multi-million dollar victory.