If you’ve been keeping an eye on the crypto world, you’ve probably heard about the “Smart Trader” 0xcb9 making waves again. On August 3, 2025, at 00:23 UTC, the Onchain Lens Twitter account dropped a bombshell: this crypto whale has ramped up their $ETH short position by an additional 10,000 ETH, bringing their total to a whopping 50,000 ETH. Valued at $169 million, this move comes with a floating profit of $12 million—proof that big risks can sometimes pay off big!

What’s Happening with This Trade?

For those new to crypto trading, “shorting” means betting that the price of an asset—like Ethereum (ETH)—will drop. The trader borrows ETH, sells it at the current price, and aims to buy it back cheaper later to pocket the difference. In this case, 0xcb9 is using 15x leverage on HyperLiquid, a decentralized platform known for its high-performance perpetual futures trading. Leverage amplifies both gains and losses, making this a high-stakes play.

The latest update shows the trader’s position value at $169.435 million, with an unrealized profit of $12.271 million. That’s a return on equity (ROE) of 108.64%—not too shabby! The entry price was $3,634.13, while the current price hovers around $3,389.00, indicating ETH’s price has indeed dipped, favoring the short position.

A Pattern of Bold Moves

This isn’t 0xcb9’s first rodeo. Back in late July, they deposited $4.68 million in USDC and opened an ETH short with 20x leverage, only to see a massive $20 million profit turn into an $802,000 loss when they didn’t close the position in time. Undeterred, they’ve doubled down, increasing their stake from 40,000 ETH (reported on August 2) to 50,000 ETH now. This persistence suggests confidence in their market analysis—or a willingness to ride the volatility wave.

Why HyperLiquid?

HyperLiquid stands out in the DeFi space with its custom L1 blockchain, zero gas fees, and fully on-chain order book. It’s a playground for traders like 0xcb9 who thrive on leverage and speed. The platform’s design allows for massive positions like this one, though it also means the trader is exposed to liquidation risks if ETH’s price swings upward.

What This Means for Crypto Enthusiasts

Crypto whales like 0xcb9 can shake up the market. Their large trades can influence ETH’s price, creating ripples that affect smaller investors. If you’re into meme tokens or other blockchain assets, watching these moves can offer insights into market trends. For instance, a drop in ETH might signal broader bearish sentiment, impacting altcoins too.

Risks and Rewards

Let’s break it down: with 15x leverage, a small price increase could wipe out the profit—or worse, lead to liquidation. The current margin used is $11.295 million, and the position’s success hinges on ETH staying below the entry price. It’s a thrilling strategy, but it’s not for the faint-hearted. If you’re thinking of trying this yourself, start small and study crypto trading strategies to manage the risks.

Stay Tuned

Will 0xcb9 cash out with a $12 million win, or will market volatility turn the tables? Keep an eye on Onchain Lens for the latest updates. At Meme Insider, we’ll keep you posted on how this plays out and what it means for the meme token and DeFi communities. Got thoughts on this trade? Drop them in the comments!