A Whale is Betting Big Against Crypto: Will BTC, ETH, and SOL Face Fresh Pressure?

• A new wallet deposited 6.68M USDC and opened 20x leveraged shorts on major crypto assets. 
• BTC, ETH, and SOL are trading in a weak zone and are attempting to move higher.

A newly created wallet has caught the attention of the crypto traders after making a sizable bearish bet on the market through Hyperliquid. As per the data, wallet address 0xaeaa deposited 6.68 million USDC and used the capital to open multiple 20x-leveraged short positions in 3 of the largest tokens by market value.

The positions include 430.64 BTC worth $27.46 million, 4,280 ETH valued at around $7.37 million, and 181,245 SOL, roughly at $13.24 million. In total, the trader has gained exposure to nearly $48 million in short positions, signalling a strong expectation that prices could move lower in the near term.

Large leveraged trades attract market attention because they can reflect the outlook of well-capitalised traders or institutions. However, such positions carry significant risk. Moreover, with 20x leverage, even small price increases in Bitcoin, Ethereum, or Solana could trigger substantial losses or force liquidations.

Bitcoin Attempts to Move Higher

The dominant asset, Bitcoin (BTC), is currently trading at $63,888. Besides, the daily trading volume is settled at $18.9 billion after a 9.87% surge over the last 24 hours. The asset’s lowest and highest trading range is found at $63,221 and $64,712. 

If the bears gained more traction, the nearest support could be at $63,641. Upon the death cross taking place, the Bitcoin price would fall below $63,420. On the flip side, when the bulls enter, the BTC price might immediately jump to the resistance at $64K. Assuming the market is moving up, with the emergence of the golden cross, the price could climb above $64,273. 

Why is Ethereum Stalled? 

After the recent price dip, the largest altcoin, Ethereum (ETH), is hovering at $1,732. Notably, a 23.29% increase is noted in the trading volume, reaching $9.85 billion. The lowest trading point is at $1,701, and the highest level is $1,756.

The asset’s trading pattern shows that the support is likely to be found at around $1,619. With the death cross popping out, the ETH price may fall even deeper toward the $1.5K range. Upon a reversal in the Ethereum market, the resistance levels would be at around $1,811 and above. If the potent golden cross shows up, the price would gradually move higher. 

Where is Solana Heading? 

At press time, Solana is trading within the $73.96 mark, with the trading volume at $2.16 billion, after a surge of over 14.95%. According to the price chart, the lowest and highest trading prices have been noted at $72.38 and $74.75, respectively. 

With the 4-hour pricing pattern, the SOL momentum might climb to the resistance at around $74.52. If the bulls strengthen and initiate the golden cross to emerge, the price could go even higher. If a bearish reversal occurred, the Solana price would instantly slip to the support at $72.04. More losses could trigger the death cross and send the price below the $71 range.

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