On-chain: Repeat ETH short-seller sizes up 20x, $19.7M bet tracks bear-flag path to $1,375

Hyperbot on-chain data flags a 20x-leveraged ETH short worth $19.72 million from address 0xf83f…6728, opened as spot ETH tested the $1,500 support band. The entry averages $1,565, placing the position roughly $106,500 in unrealized gains before fees and funding as of Friday, with ETH trading near $1,550.

Sizing up: 20x the notional of the October trade

The wallet’s transaction history shows its only prior activity on October 27, 2025 — a short opened near $4,172 during the tail end of that month’s broader crypto selloff. That position closed near $4,133, banking $41,693 in profit after $5,263 in exchange fees, per Hyperbot logs.

The current $19.72 million notional runs roughly 20 times larger than the October ticket, using the same mechanics: short into breakdown momentum, apply high leverage, and hold rather than fade. The jump in size suggests either stronger conviction on continued downside or access to substantially more capital since the last recorded trade.

Chart structure: bear flag targets $1,375, double bottom caps risk at $1,850

ETH’s daily chart is tracking a bear flag breakdown pattern projecting a move toward $1,375. A print at that level would push unrealized profit on the $19.72 million short to roughly $2.39 million before fees and funding, based on the $1,565 entry.

ETH has declined 18.25% over the prior two weeks into this setup. That move sits alongside a broader tech-led risk-off tape that has weighed on Nasdaq and chip names, compressing appetite for leveraged crypto exposure more generally.

Ethereum-specific sentiment has taken an added hit from renewed scrutiny of the Ethereum Foundation, following reports of budget cuts, staff reductions and a string of senior departures raising leadership-stability questions.

Structural counter-risk sits in a potential double bottom forming in the $1,500-$1,512 zone, where buyers have defended price twice through June. The pattern remains unconfirmed, but a daily close above the $1,850 neckline would validate it and open a measured move toward roughly $2,190 — calculated from the neckline-to-$1,512 distance.

That $2,190 target range lands close to the wallet’s estimated liquidation zone near $2,150. A confirmed reversal off the double bottom toward the neckline would put the short under direct pressure, absent added collateral or a reduction in exposure ahead of that level.

Read more: ETH Whale Profitability Flips Negative First Time Since 2019 as 37.8K Coins Wake Up

Sources

• cointelegraph.com