- A whale shorted BTC, ETH, and SOL with $50.5M USDC on 5x leverage, flipping from $3.5M in profit to $700K in losses.
- Bitcoin holds above $102K after rebounding from April lows, with key resistance seen at $106K amid continued whale short pressure.
- Ethereum breaks a long downtrend with a bullish move above $2,500, while Solana drops nearly 4% as market volatility spikes.
A high-stakes whale activity is sending shockwaves across crypto derivatives markets. Over the past week, a notable whale has deposited more than $50.5 million USDC into Hyperliquid, betting against Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) with 5x leverage.
Initially, this short position yielded a unrealized profit of over $3.5 million as the market dipped. However, a shift occurred when the same trader added another $5 million, raising the short position to $25 million—only to face losses exceeding $700,000 amid recent volatility.
Bitcoin Tests Key Levels Amid Whale Shorts
Bitcoin continues to test crucial support near $102,000 following a sharp pullback from $106,000. Despite a 0.69% daily drop, BTC remains within a firm uptrend. Price action from February to May shows distinct phases—first a mid-February decline from $106,000 to April lows near $76,100. From there, the market reversed direction. Hence, a strong recovery emerged in late April, pushing BTC beyond $102,000 earlier this month.
Source: CryptoBusy
Currently, BTC trades at $102,085.10. The price oscillates between support at $97,849 and resistance at $106,022. The 12-hour timeframe shows a structured recovery phase following the bottom. Moreover, Bitcoin touched a recent high of $102,790.10 before the latest retracement. Consequently, traders are closely monitoring the $106,022 level, which previously acted as resistance and may determine the next move.
Ethereum Breaks Downtrend With Bullish Breakout
Ethereum also showed momentum after breaking out of a multi-month descending channel. As of now, ETH trades at $2,521.92, reflecting a modest 0.29% gain. This breakout followed months of steady decline from December 2024 highs near $4,000.
Source: Crypto Fella
Additionally, ETH’s rally in early May broke the upper channel boundary with conviction. Key resistance lies near $2,750. Buyers and sellers remain closely matched, suggesting a potential squeeze above that zone. The breakout marks Ethereum’s first major reversal after months of bearish pressure. Meanwhile, Solana’s price stands at $171.99, reflecting a 3.96% dip in 24 hours. Moreover, its 24-hour volume exceeds $6.25 billion.
