Bitcoin OG turns bearish against Ethereum with $15 million 5x short position

A well-known Bitcoin trader has abruptly changed his stance on the market. After closing a large long Ethereum position with a profit, traders quickly turned bearish and opened large short positions instead. On-chain data showed that a wallet labeled “Bitcoin OG (1011short)” opened a 5x leveraged short for 5,000 ETH. This is worth approximately $15.04 million.

The trader entered a position around $3,001 per ETH. The current settlement price is $5,056, highlighting the high risk of this bet. This sudden move caught the attention of traders and on-chain analysts. This also shows a clear change in near-term sentiment towards Ethereum.

Highly profitable and closed hours before reversal

Hours before the shorting began, the Bitcoin OG trader had exited a major bullish position. Previous data confirmed that Bitcoin OG wallet closed 15,000 ETH longs worth $44.15 million. This move resulted in a profit of approximately $782,500. This trader had used a $10 million USDC deposit into Hyperliquid to build the position. At the time, the price of Ethereum was hovering around $3,000.

Bitcoin OG traders opted to take profits immediately instead of holding long for further upside. Then came a sudden turning point. The long ones are gone. A short soon followed. This rapid reversal suggests a shift in tactics rather than a long-term bet. It also shows how quickly leading companies adapt to changes in market momentum.

Why this deal is attracting market attention

This is not just a speculative short story. The traders backing this move have a strong track record. Past transactions by this wallet have always attracted attention due to their size, timing, and profit history. A 5x short of $15 million is not a casual position. It brings serious downward pressure psychology to the Ethereum market. Traders often closely monitor movements, especially from wallets associated with previous successful trades.

However, leverage works both ways. On the other hand, the downside rewards can add up quickly. The liquidation price shows how quickly losses can add up if ETH spikes. At the time of the transaction, Ethereum was trading at just over $3,000. A strong move towards the $5,000 range would put the position under severe stress.

Market reaction remains cautious, but remain vigilant

For now, the overall market is not panicking. Ethereum continues to trade within a narrow range. Still, this move added new caution to short-term ETH sentiment. Many traders are now seeing this as a sign of possible local weakness. Some see this as a hedge against broader market fluctuations rather than a pure directional bet. What is clear is this. Big traders are no longer moving slowly. They are rapidly reversing their positions. They are actively leveraging and reacting to any changes in momentum.

All eyes are now on Ethereum's next move. If the price falls, a short sale can quickly turn into another profitable trade. If prices rise, the market may witness another high-profile liquidation. Either way, the next few sessions could decide whether this bold bearish bet pays off or turns out to be a costly misread.