OG whale opens $39.4M ETH short with 20x leverage on Hyperliquid, holding 21,000 ETH, as market volatility and whale selling intensify.
OG Whale Opens $39.4M Ethereum Short With 20x Leverage as volatility continues across the crypto market.
On February 16, 2026, an early market participant known as “0x15a4” placed a large leveraged bet against Ethereum on the Hyperliquid decentralized exchange.
The position adds to growing short interest as ETH trades near $1,969.
Large Leveraged Bet Placed on Hyperliquid
Blockchain data shows the whale opened a $39.4 million Ethereum short using 20x leverage.
The address currently holds 21,000 ETH valued at about $41.58 million. The trader also opened a Bitcoin short position with 20x leverage.
Whale “0x15a4” opened a $BTC short with 20x leverage. The whale also increased his $ETH short position, currently sitting on an unrealized profit of $1.47M.
Stats:
– 21,000 $ETH ($41.58M)
– 50 $BTC ($3.43M)https://t.co/i02gzqnQFR pic.twitter.com/QZOjYps4q5
— Onchain Lens (@OnchainLens) February 16, 2026
The Bitcoin position includes 50 BTC worth about $3.43 million. Combined exposure across both assets exceeds $45 million. The Ethereum short alone carries high risk due to the leverage used.
Reports indicate the whale is sitting on an unrealized profit of $1.47 million. The position was opened during a period of sharp price swings.
Hyperliquid has seen elevated derivatives activity in recent weeks.
Liquidation Risk and Market Volatility
With 20x leverage, a 5% price move against the Ethereum short could erase the collateral.
Analysts estimate that a rise toward $2,067 may trigger liquidation for this position. Liquidation thresholds remain closely monitored by traders.
Data also shows that a move above $2,066 could trigger over $1 billion in short liquidations market-wide.
Earlier this month, Hyperliquid recorded a $222.65 million single ETH liquidation. That event followed a 17% decline in price.
Ethereum is trading around $1,969 at the time of reporting. The asset has faced rapid swings amid broader crypto weakness. Traders continue to track order flow and liquidation levels.
Related Reading: Whale Opens $33M Ethereum Long With 20x Leverage on Hyperliquid
Whale Selling and Broader Bearish Trend
An early Ethereum whale has opened a $39.4 million short position using 20x leverage. The move comes as large holders continue reducing exposure across the Ethereum market.
On-chain data shows wallets holding between 10,000 and 100,000 ETH have sold over 1.1 million ETH in recent weeks, worth about $2.8 billion.
AN OG WHALE HAS JUST OPENED A $39.4M ETHEREUM SHORT POSITION WITH 20X LEVERAGE.
They definitely know something! 🚀 pic.twitter.com/jll9KkJqex
— That Martini Guy ₿ (@MartiniGuyYT) February 16, 2026
Ethereum has remained under pressure after losing support near $2,900 in late January.
Market momentum has turned lower since that breakdown, and price action has stayed volatile.
Analysts attribute the weakness to fading Layer 2 momentum and broader macro uncertainty.
The new leveraged short adds to the cautious tone across derivatives markets. Traders are closely monitoring whether ETH can hold current levels or face renewed selling.
Liquidation data and whale positioning remain central to short-term price movements.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
10x Research: Tether’s USDT issuance on Ethereum surpasses Tron—ETH could become the main beneficiary of stablecoin growth
10x Research noted that over the past five years, Ethereum (ETH) has performed lackluster, with its price trading around $2,000, mainly due to weak on-chain activity leading to insufficient demand. After falling 57% from its 2025 peak, ETH’s current valuation remains low, while capital accumulation is still ongoing; USDT’s issuance has surpassed Tron, sparking discussion that ETH could become a leading beneficiary of stablecoin growth. Analysts are now re-evaluating ETH’s potential turning point.
GateNews24m ago
A certain address deposited 1,856 ETH to a certain CEX; if it sells, it will lose $1.89 million.
Gate News message, April 5, on-chain data shows that an address deposited 1,856 ETH into a certain CEX about 45 minutes ago, worth approximately $3.78 million. The address has held ETH for two months, including 1,450 ETH that was withdrawn from an exchange on January 18 when the price was $3,339.38. If sold, it would incur a loss of $1.89 million, with assets shrinking by 39%.
GateNews2h ago
Price predictions 4/3: BTC, ETH, BNB, XRP, SOL, DOGE, HYPE, ADA, BCH, LINK
Key points:
Buyers are attempting to maintain BTC above the $66,500 level, but several analysts believe that the $60,000 level may crack.
Some major altcoins risk breaking below their immediate support levels, signaling that bears remain in control.
Buyers are attempting to push an
Cointelegraph2h ago
Vitalik Buterin isn’t the largest individual holder of Ethereum—new data shows
Arkham Intelligence revealed that the largest Ethereum (ETH) holder is the ETH2 Beacon Deposit Contract, with over 82 million ETH. Vitalik Buterin is the second-largest individual holder with 224,000 ETH, while investor Rain Lohmus holds 250,000 ETH but cannot access it.
TapChiBitcoin3h ago
