Recently, I saw a big move on-chain: a whale used 20x leverage to smash $20.5 million into an ETH short position, with the forced liquidation price pinned at $2,466. Right now, ETH is only at $2.33K—there’s still some room for the bears—but with a trade this large and leverage this high, once the market pushes upward, it could quickly become the center of attention.

To be honest, what’s most eye-catching about a leveraged position of this size is that forced liquidation level. If ETH really starts to rise and climbs toward $2,466, market sentiment will tighten immediately, and trading volume could surge. The risk of using 20x leverage is exactly that: even relatively small price swings can trigger massive losses, which is why many traders are watching this level closely.

The current question is whether the bulls can push the price up to force a squeeze on this whale, or whether the bears will continue to suppress the price action and let the position stay profitable. In the short term, this may well be the market’s main talking point. The whale’s moves may not necessarily determine the direction of the market, but they can absolutely shape traders’ expectations. Everyone is waiting now—watching which way ETH will go.