Whale who nailed October's ETH top resurfaces with $19.7M short, because bears never forget a support zone 🐳

An Ethereum whale that shorted Ether near the top of the October 2025 crypto crash has reopened a leveraged short position worth $19.72 million after eight months of inactivity. On Friday, wallet 0xf83f...6728 opened a 20x-leveraged $ETH short near the $1,500 support zone, where Ether had fallen 18.25% over the prior two weeks, according to data resource Hyperbot. The average entry price was around $1,565, and as of press time the trader held roughly $106,500 in unrealized profit with $ETH trading near $1,550.

The downside positioning has tracked a broader tech-led risk selloff, with traders trimming exposure to speculative assets as Nasdaq and chip stocks came under pressure. Ethereum-specific sentiment has weakened amid renewed scrutiny of the Ethereum Foundation following reports of budget cuts, staff reductions and senior departures, conditions that have raised questions about leadership stability at the organization.

If $ETH breaks down from a prevailing bear flag pattern, it is eyeing a decline toward $1,375. At that level, the whale's unrealized profit would rise to about $2.39 million before fees and funding, based on the $1,565 entry. A daily chart from TradingView flags the bear flag setup alongside a potential double bottom forming in the $1,500–$1,512 support area, where buyers stepped in twice in June.

Transaction logs show wallet 0xf83f...6728 last traded on Oct. 27, 2025, opening an $ETH short near $4,172 as volatility from the October crash was easing. The trader later closed near $4,133, booking $41,693 in net profit after $5,263 in exchange fees. The current position carries nearly $20 million in notional exposure, far larger than the whale's October 2025 trade. A confirmed rebound from the $1,500–$1,512 zone could shift short-term momentum higher and challenge the position.