A wallet closed an ether short worth over $100 million on May 26, realizing about a $260,000 loss. Soon after, the same wallet opened a 20x leveraged bitcoin long position sized at 175.04 BTC, valued around $13.43 million. Ether traded near $2,090.55 while bitcoin traded near $76,662. The leveraged long faces liquidation if bitcoin moves roughly 5% against the position. The prior loss relative to the short size suggests the short was exited near entry. The shift indicates changing conviction from an ETH downside view to a BTC upside view. Broader market flows included bitcoin ETF outflows while bitcoin held above $76,000 amid bullish long-term expectations.
"A pseudonymous high-leverage trader closed a short position on ether (ETH) worth over $100 million on May 26, recording a $260,000 loss in the process. Within hours, the same wallet opened a 20x leveraged long position on 175.04 bitcoin (BTC), a $13.43 million bet that the market moves higher. Ether is currently trading at $2,090.55 while bitcoin sits at $76,662."
"At 20x leverage, the position faces liquidation if bitcoin moves roughly 5% against the trade, making this an extremely high-conviction, high-risk bet. A $260,000 loss on a $100 million position represents just a 0.26% drawdown, suggesting the short was closed near its entry price rather than at a significant adverse move. The reversal signals shifting conviction from ETH downside to BTC upside."
"The trade arrives against a backdrop of broader repositioning in the crypto market with bitcoin ETFs recording $1.26 billion in outflows during the week of May 18–22, 2026, while some alternative assets drew inflows. Despite that institutional selling pressure, bitcoin has held above $76,000 as analysts remain broadly bullish on the asset's long-term trajectory. Strategy's Michael Saylor believes BTC could cross the $1 million mark by year-end, while Maelstrom's Arthur Hayes expects the currency to reach $125,000 over the same time frame."
Read at news.bitcoin.com
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