A high-stakes Ethereum trader, known for successfully timing the market crash of late 2025, has returned from a lengthy period of inactivity to open a $19.72 million short position. The whale wallet, identified by the address 0xf83f…6728, initiated the trade on June 25, 2026, using 20x leverage on the Hyperliquid derivatives platform as the Ethereum price tested the $1,500 support level.
This move marks the wallet’s first major activity in approximately eight months, following a profitable series of trades during the 2025 market downturn. On-chain data indicates the trader entered the current short at an average price of $1,565 per ETH. As of June 26, the position has already generated roughly $106,500 in unrealized gains, with the market price of Ethereum hovering near $1,550.
Historical success drives interest in new Ethereum short
The return of this specific whale has drawn significant attention due to its track record during the volatility of October 2025. On October 10, 2025, a sudden announcement of 100 percent tariffs on Chinese imports by then-President Donald Trump triggered a massive liquidation event. Within the first 24 hours of that announcement, nearly $20 billion in leveraged positions were wiped out across the market.
During that historical crash, wallet 0xf83f…6728 netted a profit of $41,693 by shorting near the market’s peak. While this figure is modest compared to the larger “Hyperunit whale” who reportedly made $200 million from the same event, the timing highlighted the wallet’s ability to anticipate sharp downturns.
Monitoring these whale movements on Hyperliquid is now a common practice for traders looking for directional cues in an uncertain market.
The total market capitalization fell by $660 billion in just nine hours during that October incident. Over 1.6 million trading accounts were liquidated as Bitcoin dropped 14% and Ethereum fell by as much as 26%. By resuming activity now, some observers believe the trader is signaling that current market conditions mirror the fragility seen before that record-breaking wipeout.
Whale targets $1,375 breakdown for multimillion-dollar profit
The technical structure of the whale’s current trade suggests a specific downward target. Market analysts have identified a bear-flag pattern that points toward a breakdown target of $1,375. If Ethereum reaches this level, the whale stands to secure an unrealized profit of approximately $2.39 million, a far more aggressive bet than their previous shorting attempts.
However, the use of 20x leverage carries substantial risks. The liquidation price for this massive position sits at approximately $2,150. A price recovery toward that level would result in a total loss of the whale’s collateral. This high-leverage positioning occurs as the broader Ethereum network outlook remains under scrutiny following recent price volatility and unsuccessful attempts to maintain higher support zones.
The whale’s decision to enter at $1,565 is particularly telling, as it coincided with Ethereum testing the critical $1,500 support area. In the past, such tests have often determined the asset’s trajectory for several weeks. By choosing a short position after eight months of silence, the wallet owner is effectively betting that the current support will fail to hold against sell-side pressure.
Derivatives market signals lingering bearish sentiment
The activity on Hyperliquid, a fully on-chain derivatives exchange, provides a transparent view into how “smart money” is positioning itself. While some traders look for long-term recovery, the derivatives data shows a growing consensus for further downside. This aligns with broader trends where crypto liquidations rise during periods of macro economic uncertainty.
Other major players have also been active on the platform. For instance, the separate “Hyperunit whale” made headlines by opening $55 million in long positions in November 2025 following the initial crash. The contrast between these massive bets illustrates the high-conviction strategies playing out in the Ethereum perpetuals market.
For now, all eyes remain on the $1,500 psychological barrier. If the whale’s target of $1,375 is met, it would validate the trader’s return from hiatus and likely trigger further volatility across the DeFi ecosystem.
Should the market instead trend upward toward the $2,150 liquidation mark, it would mark one of the most expensive failed predictions for a wallet that previously mastered the timing of the 2025 crash.