Whale Increases Short Position in XPL Amid Rising Profits

A prominent whale who shorted Ethereum at $4,718 now holds a $9.1 million profit and has increased their short position in XPL by acquiring 3.09 million tokens at $1.19 each.

This event highlights significant market dynamics and volatility, with immediate impacts on Ethereum and XPL trading patterns. Increased whale activity suggests potential shifts in market sentiment and liquidity conditions.

A prominent cryptocurrency whale has been actively shorting Ethereum, initially entering a position at $4,718. Over recent weeks, this strategy has yielded a floating profit of $9.1 million. This large investor has now increased their interest in XPL.

The whale’s actions have been meticulously tracked by on-chain analyst Yu Jin and platforms like EmberCN and Hyperliquid. The whale currently holds 3.09 million XPL tokens at a price of $1.19 each.

The whale’s increased short activity has significantly affected ETH markets, with current prices hovering around $3,948. ETH exchange inflows and decreased whale wallet balances indicate a bearish outlook, intensifying market volatility.

In parallel, XPL’s price volatility has increased, driven by mixed positions from large market players. XPL support zones appear around $1.05 to $1.19, indicating potential accumulation from various parties.

Whale activities have led to increased trading volumes on platforms such as Hyperliquid, with a visible impact on XPL’s trading activity and market sentiment. Comprehensive analyses suggest potential shifts in trading patterns.

“A whale who shorted ETH at $4,718 two weeks ago has not yet closed its short position, with a floating profit now of $9.1 million. The whale further increased its short position in XPL one hour ago, shorting 3.09 million XPL at $1.19.” – Yu Jin, On-Chain Analyst