The Ethereum whale that shorted Ether (ETH) during the October 2025 cryptocurrency crash has returned after eight months of silence.
Key takeaways:
- Ethereum Whale opens a low position of $19.72 million 20x ETH near the $1,500 support zone.
- The ETH bearish flag setup indicates a decline towards $1,375, which could net the whale a profit of around $2.39 million.
Ethereum whale opens 20 times shortly after eight-month hiatus
On Friday, wallet “0xf83f…6728” opened a low ETH position with 20x leverage worth $19.72 million as Ether reached the $1,500 support zone after falling 18.25% over the past two weeks.
According to the data source, the position was opened at an average price of around $1,565 Hyperbot. As of press time, the whale made almost $106,500 in unrealized profits as the ETH price dropped to around $1,550.
The Ethereum whale’s position stands at $19.72 million as of Friday. source: Hyperbot
The decline in Ethereum market sentiment comes amid a broader sell-off in technology-related risks, with investors limiting exposure to speculative assets amid pressure on Nasdaq and chip stocks.
Ethereum-specific sentiment has weakened further amid renewed scrutiny of the Ethereum Foundation, following reports of budget cuts, staff reductions and a wave of executive departures that have raised questions about the stability of the organization’s leadership.
Ether is expected to decline towards the $1,375 level if it continues to break out of the prevailing bear flag pattern.
Daily ETH/USD price chart tracking a bear flag split setup. Source: TradingView
If ETH falls to $1,375, the whale’s unrealized profit will raise to approximately $2.39 million before fees and funding, based on the position’s entry price of approximately $1,565.
The same whale shorted ETH near the October 2025 peak
The portfolio’s latest move stands out for its trading history.
Transaction logs show that wallet “0xf83f…6728” was last vigorous on October 27, 2025, when it opened a low ETH position around $4,172, amid decreasing volatility due to the October cryptocurrency crash.
Related: Are Ethereum OGs jumping ship? Here’s what the data says
The trader later closed the position near $4,133, recording $41,693 in net profit after $5,263 in foreign exchange fees.
Ethereum Whale has completed ETH orders since October 2025. Source: Hyperbot
The whale’s current strategy seems similar: low ETH towards weakness, employ high leverage, and take advantage of downside momentum. The scale has changed dramatically, however, as the current position carries a hypothetical exposure of almost $20 million, making it significantly larger than the October 2025 whale trade.
ETH Double Bottom May Threaten Compact Whale
A bearish whale bet is not without risk.
As of Friday, Ether’s daily chart showed a potential double bottom near the $1,500-$1,512 support area, where buyers entered twice in June. The setup remains unconfirmed, but a forceful rebound from this zone could shift near-term momentum back towards the bulls.
Daily price chart of ETH/USD tracking a potential double bottom setup. Source: TradingView
The key level to watch is the neckline near $1,850. A forceful daily close above this level would confirm the double bottom pattern and open the door to a measured bounce towards around $2,190, based on the distance between the neck line and the low at $1,512.
This would put ETH close to the whale liquidation zone near $2,150, meaning a confirmed bullish reversal could put pressure on or even wipe out the low position if the trader doesn’t add hedge or reduce exposure.
