Whale Bets Big Against BTC, ETH, SOL as Market Fights to Stay Bullish

A whale shorted BTC, ETH, and SOL with $50.5M USDC on 5x leverage, flipping from $3.5M in profit to $700K in losses.Bitcoin holds above $102K after rebounding from April lows, with key resistance seen at $106K amid continued whale short pressure.Ethereum breaks a long downtrend with a bullish move above $2,500, while Solana drops nearly 4% as market volatility spikes.A high-stakes whale activity is sending shockwaves across crypto derivatives markets. Over the past week, a notable whale has deposited more than $50.5 million USDC into Hyperliquid, betting against Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) with 5x leverage. Initially, this short position yielded a unrealized profit of over $3.5 million as the market dipped. However, a shift occurred when the same trader added another $5 million, raising the short position to $25 million—only to face losses exceeding $700,000 amid recent volatility.Bitcoin Tests Key Levels Amid Whale ShortsBitcoin continues to test crucial support near $102,000 following a sharp pullback from $106,000. Despite a 0.69% daily drop, BTC remains within a firm uptrend. Price action from February to May shows distinct phases—first a mid-February decline from $106,000 to April lows near $76,100. From there, the market reversed direction. Hence, a strong recovery emerged in late April, pushing BTC beyond $102,000 earlier this month.Source: CryptoBusyCurrently, BTC trades at $102,085.10. The price oscillates between support at $97,849 and resistance at $106,022. The 12-hour timeframe shows a structured recovery phase following the bottom. Moreover, Bitcoin touched a recent high of $102,790.10 before the latest retracement. Consequently, traders are closely monitoring the $106,022 level, which previously acted as resistance and may determine the next move.Ethereum Breaks Downtrend With Bullish BreakoutEthereum also showed momentum after breaking out of a multi-month descending channel. As of now, ETH trades at $2,521.92, reflecting a modest 0.29% gain. This breakout followed months of steady decline from December 2024 highs near $4,000.Source: Crypto FellaAdditionally, ETH’s rally in early May broke the upper channel boundary with conviction. Key resistance lies near $2,750. Buyers and sellers remain closely matched, suggesting a potential squeeze above that zone. The breakout marks Ethereum’s first major reversal after months of bearish pressure. Meanwhile, Solana's price stands at $171.99, reflecting a 3.96% dip in 24 hours. Moreover, its 24-hour volume exceeds $6.25 billion.The post Whale Bets Big Against BTC, ETH, SOL as Market Fights to Stay Bullish appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.