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A crypto whale opened a leveraged Ether (ETH) short position worth more than $100 million, even as Ethereum co-founder Vitalik Buterin pledged fewer token sales via the Ethereum Foundation.
Key takeaways:
- The whale may face over $1 million in potential losses as the ETH price rebounds toward short liquidation levels.
- Buterin says the Ethereum Foundation will “sell less ETH” despite offloading over 60,000 ETH earlier this year.
ETH whale faces over $1 million in potential losses
As of Monday, the wallet ‘0x50b…’ held a 47,600 ETH short position worth about $100.72 million, according to Hypurrscan data. The trade used roughly 23x cross-margin leverage, with an entry price near $2,094.92.
ETH was trading around $2,115, leaving the position with an unrealized loss just shy of $994,000. The trader had also paid roughly $2,145 in funding, adding to the cost of maintaining the bearish bet.
Ethereum whale’s short position data. Source: Hypurrscan.IO
The position’s liquidation price sat near $2,150, leaving little room for error. A modest ETH move higher could push the whale’s losses past $1 million and potentially wipe out the short.
That puts the whale in a vulnerable position if Ethereum continues to rebound from its weekend low at around $2,000, especially as global risk sentiment improves due to signs of easing US–Iran tensions.
Related: Ethereum traders warn of ‘nasty’ ETH price drop if $2K support breaks
Still, the size of the trade shows that some large traders remain willing to bet aggressively against ETH despite recent attempts by Ethereum’s big names to calm market concerns.
Ethereum Foundation to “sell less ETH,” says Vitalik Buterin
Co-founder Vitalik Buterin pledged that the Ethereum Foundation will “sell less ETH” as part of a broader effort to make the organization leaner, more focused and longer-lasting.
The commitment appeared in a lengthy X post where Buterin defended the foundation’s direction after a wave of researcher departures.
He said the EF is choosing “longevity over breadth,” meaning it will reduce spending, narrow its mission and avoid acting like Ethereum’s central command structure.
The Ethereum Foundation has faced repeated backlash over token sales, with critics arguing that sustained selling can pressure ETH during weak market conditions.
The Foundation sold about 20,000 ETH in 2026, raising more than $45 million, according to data resource Arkham Intelligence. while still holding around 103,000 ETH in liquid treasury assets, and another 70,000 ETH staked.
Ethereum Foundation’s ETH balance. Source: Arkham Intelligence
Nevertheless, Buterin’s reassurance comes as institutional conviction in Ethereum appears to be weakening.
In 2026, several large holders trimmed ETH exposure amid weak price action and a multi-year slump versus Bitcoin.
Harvard Management Company reportedly exited its $87 million Ethereum ETF position after just one quarter, while Goldman Sachs cut its ETH ETF holdings by roughly 70%, leaving about $114 million invested.
Spot Ethereum ETFs have continued to bleed capital, recording more than $295 million in net outflows in May and over $945 million in withdrawals so far in 2026.
ETH US spot ETF net flows. Source: Glassnode
Bankless co-founder David Hoffman, one of Ethereum’s most visible long-time advocates, said he sold all his personal ETH holdings, adding symbolic weight to concerns that even Ethereum-native investors are reassessing their conviction.
Source: X
However, some analysts, including Tanaka, continue to view Ethereum as a strong long-term buy, arguing that its core on-chain economy remains difficult for rival blockchains to match.
Ethereum still anchors much of crypto’s real activity, hosting roughly $43 billion in DeFi liquidity, more than $165 billion in stablecoins, and about 55% of tokenized assets tracked across public blockchains, according to Token Terminal data.
