Whale uses 25x leverage to short $20.27 million worth of ETH, while simultaneously going long on BTC to hedge risk

OnChainDetective · 2026-01-20T02:50:17+00:00

A whale adopted a high leverage strategy on January 20th, shorting 6355 ETH and simultaneously going long 99.8 BTC with 20x leverage, demonstrating a complex hedging logic. Currently, their account unrealized loss has reached $135,000, reflecting the cautious attitude of top players in the market.

OnChainDetective

2026-01-20 02:50:17

Abstract generation in progress

【Blockchain Rhythm】An interesting on-chain operation has been detected. On January 20th, a whale known for the “Lightning Reverse” strategy executed a highly aggressive move—shorting 6,355 ETH with 25x leverage, totaling approximately $20.27 million, with an average entry cost of $3,170.86.

However, this whale is clearly not a “naked” trader. At the same time, it turned around and went long 99.8 BTC with 20x leverage (about $9.23 million). This seemingly contradictory operation is actually a hedging strategy—using long positions to offset the risk of the short.

Currently, the account has an unrealized loss of $135,000. This high-leverage, cross-asset hedging approach reflects the cautious stance of top-tier players in the current market environment—balancing between betting on the direction and preparing for the worst-case scenario.

ETH-3,57%

BTC-2,11%

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PaperHandSister

· 1h ago

This whale is really having fun, I even took off my pants, and it’s hedging against me.

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VirtualRichDream

· 6h ago

This whale's play is truly top-notch. One hand is empty, the other is long, directly locking in risk. Watching a loss of $135,000, yet still staying calm and steady, is absolutely impressive.

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MevShadowranger

· 7h ago

What is this whale really betting on? Short ETH with 25x leverage and still hedging. Ultimately, it's just being cowardly. Playing with 25x leverage, holding a floating loss of 130,000, and still able to hold on—this guy's mentality is commendable. Short ETH while going long on BTC. To put it simply, it's just betting on the relative movement between the coins. Nothing new. Not closing the position despite a floating loss of 135,000. How confident they must be in their judgment. Wait a minute, I've seen this move before. It's just betting that ETH will perform worse.

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ForeverBuyingDips

· 7h ago

This whale is having fun, playing with an empty left hand and a full right hand, just afraid the market will suddenly turn hostile.

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BearMarketMonk

· 7h ago

This whale strategy is still somewhat interesting—betting on ETH to fall but afraid of BTC's sudden surge and pump, betting on both sides for peace of mind? It seems like you're actually losing now.

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token_therapist

· 7h ago

This whale really knows how to play, going all in and then pulling out, afraid of making too much profit too quickly?

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GasBandit

· 7h ago

This whale strategy is indeed aggressive. They short ETH by 25x and still dare to go long on more BTC at the same time. I was just stunned. Is this hedging or gambling?

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GlueGuy