thecryptobasic.com
After Ethereum broke a five-month high, the coin has come under pressure once again, this time from whales betting against its uptrend.
On-chain data reveals that a high-profile trader, known with the wallet address 0x2258, has opened a massive short position against $ETH. This move follows a series of successful trades that have already netted the whale over $15 million in profit.
$62.5M Ethereum Short Opens Amid Tight Market Conditions
According to data tracked through Hyperdash, whale 0x2258 has opened a short position worth $62.42 million, equivalent to 20,474 $ETH, using a staggering 18x leverage.
The whale appears confident that $ETH won’t reclaim that level soon, hence the aggressive leverage against $ETH bulls.
History of Outsmarting James Wynn
This isn’t the whale’s first significant move. Specifically, trader 0x2258 has gained a reputation for taking the opposite side of James Wynn’s trades and profiting handsomely.
Notably, James Wynn made waves in the crypto space months ago for high-stakes positions that resulted in the loss of multimillion-dollar fortunes. Back in May:
- On May 24, 0x2258 began shorting $ETH and Bitcoin as Wynn went long.
- On May 25, after Wynn exited his long positions, 0x2258 closed his shorts, pocketing $1.36 million.
- When Wynn flipped short, 0x2258 went long and exited with a $2.54 million profit a day later.
- The cycle repeated, and by May 26, the whale had accumulated a $5.6 million profit in just three days.
This strategic inverse trading continued to compound profits, ultimately contributing to over $15 million in total realized gains.
Whale 0x2258, who's already made over $15M, is shorting $ETH with 18x leverage, holding a position of 20,474 $ETH($62.5M).
This whale has previously profited big 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 trend, even as Bitcoin continues to break through higher resistance levels.
Moreover, the trader’s contrarian strategy against high-profile influencers like James Wynn continues to draw attention. Whether this new short results in another multimillion-dollar win remains to be seen.