- Trader 0xCB92 doubled down on his Ethereum short, now holding $99.27M in ETH, signaling strong conviction in a deeper market drop.
- Net taker volume hit -$418.8M, showing extreme sell-side dominance as 116K more ETH were offloaded than bought, sparking bearish signals.
- Despite price stability, persistent sell pressure and institutional shorts suggest Ethereum may face intensified volatility and downside risk.
Ethereum is showing serious signs of stress as major traders ramp up their short positions, triggering renewed fears of a correction. A large Ethereum short by smart trader 0xCB92 has caught attention after he increased his bearish bet aggressively.
He now holds 60,000 ETH, valued at $213.5 million, with over $4.25 million in unrealized profits. This is happening just as market pressure surges across crypto exchanges.
The move took place after a partial liquidation hit 0xCB92 when Ethereum briefly jumped past $3,700. Instead of backing off, the trader sold 915 ETH ($3.38M) and 1.49 million ARB ($598K). He then deposited $3.98 million USDC into Hyperliquid to continue shorting ETH.
Currently, he’s holding 27,000 ETH, worth about $99.27 million, with a tight liquidation level at $3,852.4. This signals deep conviction that Ethereum could drop sharply from current levels.
Net Taker Volume Sends Red Flags
According to crypto analyst Cas Abbé, Ethereum’s selling pressure just spiked to extreme levels. The net taker daily volume hit -$418.8 million. This means 116,000 more ETH were sold than bought. That’s the second-highest negative reading ever recorded.
Historically, such spikes have marked local tops, signaling possible downside moves. Consequently, traders are now watching closely for potential ETH breakdowns. The chart shared by Abbé shows ETH’s journey from $200 in 2020 to near $4,000 highs. However, the key data lies in the red bars.
Source: Cas Abbe
These red zones reflect aggressive selling phases, especially from late 2022 to 2025. Despite price recoveries, the pressure has remained mostly on the sell side. Moreover, short-term 30-minute data indicates institutional traders are still leaning bearish.
Should Investors Be Worried?
Hence, the big question is whether this pattern repeats or breaks. Ethereum’s current range between $3,000 and $3,500 looks fragile under such weight. Additionally, if ETH crosses the $3,852 liquidation zone, we could see massive liquidations and volatility.
