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The complete mental journey of an ETH short seller
Ethereum is beyond saving. L2 has siphoned off all the value, SOL has taken all the users, and the ETH/BTC exchange rate has hit a three-year low — shorting it is the surest thing in this market.
So this whale opened a $90 million ETH short position.
First liquidation — normal pullback, add margin.
Second liquidation — just a washout, the major trend is downward.
Third liquidation — hold on a bit longer, the key resistance level is almost here.
Fourth liquidation — position shrunk from $90 million to $38 million.
Closed all positions today. Final loss: $9.38 million.
Where's the irony? When he opened the short, ETH was around $1,650. He held on through four liquidations, and ETH rose to $1,750 — actually only up 6%.
A 6% rise killed a $90 million short position. It wasn't the wrong direction — it was too much leverage, couldn't even withstand a 6% drawdown.
The harshest truth of the crypto market: you got the direction right, but the market kills you before you are proven right. Those who don't live to see the dawn have no right to say "I saw it coming all along."
ethereum:native