A large trader first opened a $100 million short position on Ethereum involving 47,604 ETH with 23x leverage, according to Onchain Lens, with an indicated liquidation price of $2,149.84. Lookonchain later reported that the trader closed the Ethereum bearish position at a $260,000 loss and then opened a new Bitcoin long position using 20x leverage for 175.04 BTC valued at $13.43 million. The move marked a shift from a highly leveraged bearish Ethereum trade to a leveraged bullish Bitcoin position.