Wave of giant whale reversals: After closing BTC long positions, 3x short ETH worth $73.52 million

Well-known whale “pension-usdt.eth” recently completed a clear shift in attitude. According to the latest news, the whale has fully closed its Bitcoin long position and simultaneously shorted $73.52 million worth of ETH with 3x leverage, with an entry average price of $2927.33. This series of large transactions sends a strong bearish signal, which warrants market attention.

Whale Trading Action Analysis

The key to this transaction lies in the “shift from long to short.” The whale initially held a BTC long position, now fully closed it, while making a large short position on ETH. This transition typically reflects a new short-term market outlook judgment by the whale.

The importance of transaction scale

A short position of $73.52 million is not small. For swing traders, this level of position size indicates a clear directional judgment rather than hedging or probing trades. The use of 3x leverage also shows the whale’s confidence in the bearish view.

Signal from entry price

The whale’s average entry price for ETH is $2927.33, which is almost the same as the current ETH price of $2927.64, indicating that this short position was established recently. This is not a historical holding but a real-time response to the current market.

Market Background Analysis

The recent performance of ETH provides a basis for the whale’s bearish outlook. According to the latest data, ETH has fallen 5.82% in the past 24 hours and 11.14% over 7 days. Although the decline is not extreme, the downward trend has already formed.

Market position remains stable

It should be noted that ETH, as the second-largest crypto asset by market cap, still has a market cap of $35.335 billion, accounting for 11.82% of the market. This indicates that despite the decline, market recognition of ETH’s fundamentals remains.

Potential Market Impact

Short-term signals

The whale’s large short position is generally seen as an important reference for market participants. This transaction may attract other traders’ attention and influence ETH’s short-term trend. Especially in leveraged trading markets, large position changes often trigger chain reactions.

Follow-up observation points

Based on current information, the key points to watch are: whether ETH can find support around $2927 or continue to break down. If the whale’s judgment is correct, the downside space may further open. Conversely, if ETH rebounds at the current level, it could indicate that other forces are stepping in to absorb the position.

Summary

The core significance of this transaction lies in the whale’s attitude shift: from bullish on BTC to bearish on ETH. Although a single transaction cannot determine the market direction, such large positions often reflect the real-time judgment of smart money. Coupled with ETH’s recent decline, the whale may be pre-positioning for further downside. Investors should closely monitor ETH’s support levels and whether other large funds follow or hedge this short position.