Ethereum whale who shorted Oct 2025 crash opens $19.7M short

An Ethereum whale who successfully shorted the October 2025 crash has returned with a $19.7 million short position, betting on further downside as technical analysis points to a potential Ether price correction to $1,375. The whale, known for timing the previous market downturn, opened the short as Ether trades near current levels. If the price drops to the $1,375 target, the whale's unrealized profit could reach $2.39 million, according to on-chain data. The move comes amid a broader risk-off sentiment in crypto markets, with Bitcoin also facing selling pressure. This whale's activity aligns with the post-halving period, where historical patterns show reduced miner selling pressure but also a tendency for price consolidation before the next bull phase. However, current ETF flow dynamics have been mixed, with spot Bitcoin ETFs seeing net outflows recently, adding to the bearish mood. Additionally, the DXY has strengthened on hawkish Fed expectations, while US Treasury yields remain elevated, drawing capital away from risk assets like crypto.

For crypto traders, this whale activity serves as a bearish signal, especially when combined with technical indicators such as resistance at key moving averages and declining momentum. NowPrice's real-time crypto quotes show Ether's latest price action, allowing traders to monitor the situation closely. The $1,375 level represents a critical support zone; a break below could accelerate selling. On-chain data also reveals that whale concentration has increased, with large holders accumulating during dips but now showing signs of distribution. Exchange reserve drawdowns have slowed, suggesting reduced buying pressure from institutional investors. Meanwhile, Bitcoin dominance remains elevated, indicating that capital is rotating out of altcoins like Ether into BTC, further pressuring ETH/BTC ratio. Miner break-even economics are also a factor, as post-halving lower block rewards force miners to sell more of their holdings to cover costs, adding to supply-side pressure.

Looking ahead, traders should watch for Ether's ability to hold above $1,500 in the near term. A failure to do so could confirm the bearish setup and attract further short interest. Additionally, broader macro factors such as Federal Reserve policy and ETF flows will influence risk appetite across digital assets. The correlation between crypto and traditional markets remains strong, so any shift in US Treasury yields or the DXY could trigger a broader move. If Ether breaks below $1,375, the next major support is around $1,200, where previous accumulation zones exist. Conversely, a reclaim of $1,600 could invalidate the bearish thesis and lead to a short squeeze. Traders should also monitor the whale's position size and any additional short additions, as this could signal further downside conviction.