Whale Wallet Takes $260K Loss on ETH Short, Flips to Bitcoin Long

Wallet 0x50b3, which had recently taken a large short position on Ethereum worth more than $100 million, has now exited the trade after recording a loss of roughly $260,000.

Shortly after closing the position, the wallet shifted direction and entered the Bitcoin market, opening a 20x-leveraged long on 175.04 BTC, valued at approximately $13.43 million.

Source: Lookonchain