A well-known crypto whale who recently scored big on an Ethereum ETH/USD long trade is now betting against Bitcoin BTC/USD — but not everyone agrees with the bearish shift.

What Happened: According to Onchain Lens, the trader known as “ETH 50x Guy” exited a $101 million Ethereum long with 25x leverage, locking in $1.27 million in profit.

He has since flipped bearish, opening a 40x leveraged short on Bitcoin, entering at $101,594.50 after transferring $4.28 million USDC to HyperLiquid. He entered trade at $101,594.5.

This move follows Bitcoin’s weekend dip below $100,000, which was quickly bought up due to strong ETF inflows and institutional support. Despite geopolitical uncertainty, Bitcoin held firm above key levels, which raises questions about the logic behind this aggressive short.

While some view the whale’s short as a signal of impending weakness, others interpret it as high-risk speculation misaligned with broader fundamentals. With institutional accumulation rising, ETF inflows solid and macro momentum building, the divergence between on-chain whales and sentiment-driven shorts has traders split.

Also Read: Bitcoin’s Weekend Drop Could Be Bullish — Trader Eyes $97,000 As Key Buy Zone

What’s Next: Not all traders are on board with the whale’s bearish stance. Crypto trader Ted Pillows says the recent dip merely created room for further upside. He projects $130,000–$135,000 for Bitcoin in Q3, maintaining a bullish outlook.

Another trader ElonMoney notes Bitcoin bounced from the $99,400 monthly Value Area Low (VAL) but is currently struggling at the $101,700–$101,900 resistance zone. He calls this a short-covering bounce, not yet a confirmed reversal. Derivatives haven’t confirmed the move, and without rising open interest (OI) and volume, sellers may fade the rally.

The trader’s plan is considered fading if the price stalls at $101,500–$102,000. It flips long only if OI builds, spot volume rises, and BTC reclaims $102,500 with positive funding.

ElonMoney marks key support and resistance levels – support is at $101,000 and $99,400 and resistance at $101,900, $103,900 and $105,700. He added that bulls need to reclaim and hold above $104,000 to confirm trend reversal while failure to hold $101,000 could lead to retests of $99,000 or $98,000.

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