The platform data showed a low-profile wallet building large gains from leveraged bearish positions during the recent crypto market weakness.The trader holds a $12.9 million portfolio, largely concentrated in wrapped Ethereum positions.Arkham said the wallet has been “shorting everything,” indicating a broad bearish strategy across multiple tokens.Similar high-profit short trades have been flagged in recent months, suggesting a pattern of large anonymous traders betting against the market.
Arkham Intelligence reported on Tuesday that an anonymous crypto trader known as “0x58bro” had about $7 million in unrealized profit by shorting major cryptocurrencies.
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The platform reported that the trader controls a portfolio worth about $12.9 million. Most of it is in wrapped Ethereum (ETH) positions. His biggest profits came from shorting Ethereum, which brought in about $3.7 million, and Ethena (ENA), which added roughly $1.45 million. These gains were all recorded during the recent market downturn.
Arkham posted that the trader had been “shorting everything” and shared on-chain pictures questioning how long the trader could hold these positions if the market turned higher.
Similar Short Bets
This was not the trader’s first big win. Three weeks earlier, Arkham posted that he had made up to $5 million from similar short bets on altcoins like Ethena (ENA), Ethereum, and Litecoin (LTC) through Hyperliquid (HYPE). He also earned about $186,000 in funding payments, bringing his total lifetime profit to around $26 million.
Ethereum (ETH) traded at around $1,998.90, up by 1.2% in the last 24 hours. On Stocktwits, the retail sentiment around Ethereum remained in the ‘bearish’ territory, with chatter at ‘low’ levels over the past day.
Similar Big Short Bets Reported In Recent Months
In the past, several traders, such as “0x58bro,” have seen gains like this. Arkham posted about a trader known as “BobbyBigSize” in late January, who was linked to Fasanara Capital and made about $10.5 million by shorting $144.5 million in altcoins, including Ethereum, Solana (SOL), and Hyperliquid (HYPE). His total lifetime profit had then reached about $138.3 million.
In a separate instance reported by the platform last December, a trader using the wallet address “0x5d2” made roughly $12.5 million from a short position in Bitcoin (BTC) they held for almost two months. During that period, the trader made approximately $9.6 million in funding payments and shorted about $63.6 million worth of Bitcoin. Additionally, the wallet contained about $3.5 million in BTCB on the BNB Chain.
Read also: Gemini Stock Tanks Over 15% As Three Top Executives Leave Firm
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