Vitalik's $1.6M shuffle meets an $87M bet against ETH — the $1,580 line in the sand 🪨

An Ethereum trader has opened an $86.99 million ETH short position with liquidation set at $2,172, according to Arkham Intelligence. The position followed the collapse of the U.S.–Iran ceasefire and reports that the U.S. cut off a trade deal with Spain, both of which triggered a market-wide risk-off move. In a separate transaction flagged by Arkham, a wallet linked to Ethereum founder Vitalik Buterin transferred $1.6 million worth of ETH to a new wallet.

Ethereum is retesting the $1,580 support level, which has acted as a major demand zone over the past three years. Historical reversals from this level include a +149% rally in October 2023 and a +203% rally in April 2025. Whether buyers can hold this range is the central question for ETH in the near term, given the existing short interest.

On-chain data from Lookonchain shows that Bitmine, linked to Tom Lee, purchased an additional 40,000 ETH valued at roughly $71.6 million. Staked ETH supply has also climbed to a new all-time high above 40 million ETH, representing around 33% of total supply. Against this accumulation, the $87 million short could face pressure if price breaks higher, with liquidation risk building around $2,700.

The combination of macro risk-off sentiment, the freshly opened short, and the Buterin-linked transfer has set a cautious backdrop. Bulls are leaning on accumulation and staking milestones to defend the $1,580 level and potentially force a short squeeze, while bears point to geopolitical headlines and founder wallet activity. ETH now sits between these competing forces as Q3 progresses.