Crypto Whale Lost $10M Betting Against the Market

The wallet, which begins with 0x880ac, is heavily exposed to a mix of shorts across top assets. Its largest losing position is in PUMP, where the whale opened at an average price of $0.0033 and now faces an unrealized loss of roughly $12.9 million.

Other bets are also underwater:

$30 million short in Solana (SOL) $12.5 million short in Bitcoin (BTC) Smaller shorts in Chainlink (LINK), Bitcoin Cash (BCH), and Litecoin (LTC)

The scale of exposure has left the whale one of the most visible casualties of the recent upswing across altcoins.

Contrasting Fortunes

Not every trader has suffered. Ethena’s ENA token has climbed more than 13% in the past 24 hours, boosted by the foundation’s expanded buyback program. On-chain data shows another whale, address 0x6b7…c5e9c, took the opposite side of the market—opening 5x leveraged long positions in ENA and pocketing a $3.1 million profit.

Why It Matters

Whales often set the tone for broader market sentiment, and large short positions can exacerbate volatility when they begin to unwind. If prices continue to rise, forced liquidations from overleveraged whales like Iron Head Air Force could add fuel to rallies in assets like SOL, BTC, and PUMP.

For now, the lesson is clear: betting against momentum in crypto can be an expensive strategy.

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