Whale Accumulates 3,650 ETH While Shorting with 20x Leverage on Derivatives Platforms

A major cryptocurrency whale recently executed a sophisticated trading strategy, purchasing 3,650 ETH valued at approximately $10.35 million while simultaneously initiating heavily leveraged short positions across decentralized exchanges. According to data tracked by Onchain Lens and reported by PANews in late December 2025, the whale opened short positions with leverage ratios reaching 20x on both HyperLiquid and Lighter platforms.

Strategic Whale Positioning: The 3,650 ETH Play

The whale’s acquisition of 3,650 ETH represents a significant spot purchase, with the transaction executed at roughly $2,833 per token at the time. This contrasts sharply with Ethereum’s current market price of $2.98K as of January 2026, indicating a modest appreciation since the December transaction. The timing of such a large accumulation paired with aggressive short positioning suggests a carefully orchestrated market strategy.

The Leverage Game: 20x Short Positions Explained

What makes this activity particularly noteworthy is the simultaneous bearish positioning across two major derivatives platforms. By maxing out leverage at 20x while holding a substantial ETH spot position, the whale has created a complex hedged setup that could serve multiple purposes—from arbitrage opportunities to risk management or pure directional betting. This dual approach demonstrates sophisticated market knowledge and access to professional trading infrastructure.

Market Implications and Risk Considerations

Large whale movements of this magnitude typically signal important market inflection points. The $10.35 million ETH accumulation combined with aggressive shorting positions could indicate whale expectations of near-term volatility or pullbacks. For other market participants tracking on-chain activity, such moves often precede significant price movements or represent sophisticated hedging against directional risk.