On June 15, 2026, ETH experienced a rare high-leverage collision between long and short positions within the same price range: according to multi-party on-chain monitoring and cross-information from Chinese media, related addresses that participated in the March Venus platform THE collateral liquidation event sold 1,912 ETH on that day, exchanging for approximately 3.26 million USD in tokens to repay Aave loans; however, the on-chain data still showed approximately 6.78 million USDT in outstanding debt, remaining in a passive deleveraging state. In contrast, the high-win-rate address 0xa2e8, which made a profit of about 4.9 million USD through 10 transactions over the last five days, chose to short about 17,000 ETH near a price of approximately 1717.8 USD/ETH with around 20 times leverage, representing a nominal position of about 29.3 million USD. Even though it recorded an unrealized loss of about 140,000 USD during monitoring, it maintained a large short exposure. On the other side, whale address 0x14f opened a long position of 8,615 ETH with a 25 times leverage in the morning of the same day at a price of approximately 1720.12 USD/ETH, with a nominal scale of about 14.86 million USD, and the on-chain liquidation price about 1863.48 USD. This tripartite behavior resulted in a scenario of reducing positions by selling, heavy shorting, and heavy going long simultaneously, significantly amplifying the divergence in short-term ETH price directions and noticeably elevating the overall leverage risk level on-chain.
Venus Attacker Sells 1,912 ETH
In March this year, the Venus platform experienced a liquidation event related to THE collateral, with relevant addresses being attributed to the "Venus attacker" by the market. After the incident, this address left a considerable amount of debt on Aave, becoming a “time bomb” in this round of ETH leverage structure. Subsequently, each on-chain adjustment by this address was regarded as a passive restructuring of its old high-leverage positions rather than a mere directional trade.
According to on-chain analysts such as Yu Jin's monitoring, on June 15, this address sold 1,912 ETH in the secondary market, exchanging for approximately 3.26 million USD worth of assets. A portion of this was subsequently transferred to Aave to repay some of its previous loans under that protocol. Even so, on-chain data still clearly indicated that it had about 6.78 million USDT in debt on Aave, with an overall leverage level still relatively high. Such passive or semi-passive reductions triggered by historical liquidation events weakens individual long leverage's net exposure through selling pressure, while also reflecting that some large participants are shifting from "leveraged speculation" to "shrinking balance sheets." With total position sizes not fully cleared, the overall risk preference on the ETH chain has begun to move from offensive to cautious.
5-Day Profit of 4.9 Million Address Shorting with 20x Leverage
According to multiple on-chain monitoring and data compiled by AiCoin, the address 0xa2e8 completed 10 leveraged long and short trades around ETH within 5 days in early June, with a win rate of about 90%, with total profits ranging from 4.91 million to 4.93 million USD, approximately amounting to 4.9 million USD. This series of high-frequency and high-win-rate operations led this address to be labeled as "smart money" by the market in a short period, providing ample ammunition and higher attention for its subsequent increased betting.
After achieving considerable profits, 0xa2e8 did not choose to lock in profits gradually but instead concentrated on shorting about 17,000 ETH at around 1717.8 USD/ETH with about 20 times leverage, corresponding to a nominal position size of around 29.3 million USD, essentially betting on a price drop for ETH at a price level similar to previous trading intervals. According to monitoring data at that time, this short position had shown an unrealized loss of about 140,000 USD, reflecting a slight reverse movement relative to the opening direction, also illustrating that even with a high-win-rate trading record, errors in direction at high leverage can rapidly amplify retreat risks.
Whale with 25x Leverage Bets on 8,615 ETH
According to monitoring by Onchain Lens, whale address 0x14f opened a long contract position of 8,615 ETH in the morning of June 15 at a price of approximately 1720.12 USD/ETH, with leverage of about 25 times, corresponding to a nominal scale of about 14.86 million USD. Compared to address 0xa2e8 that shorted 17,000 ETH at around 1717.8 USD/ETH with about 20 times leverage, 0x14f's entry price range closely overlaps but the position direction is completely opposite, forming a typical "large long-short counterpart" on-chain. For a single address, this long position already constitutes a highly concentrated bet.
On-chain data indicates that the liquidation price for this long position is currently about 1863.48 USD/ETH. At 25 times leverage, a price change of about 4% will magnify the profit and loss on the margin level to nearly 100%, substantially amplifying the non-linear risks arising from high leverage. Combined with the higher-leverage short position of 0xa2e8 in the opposite direction and larger size, it becomes apparent that both sides of the long and short positions have pushed their respective risks to the forefront within the same price level range. As soon as ETH experiences rapid fluctuations in this area, touching either side's risk control price can quickly convert paper profits or losses into decisive liquidation results.
ETH Leverage Bets Intensify Short-term Speculation
Around the price level just above 1700 USD, three types of typical addresses have made completely different choices: the addresses previously involved in the Venus event sold 1,912 ETH on June 15, cashing out about 3.26 million USD worth of assets to repay part of their Aave loans, leaving about 6.78 million USDT in debt on-chain, with an overall direction being proactive deleveraging and reducing leverage; in contrast, the address 0xa2e8 with a short-term win rate close to 90% amplified its short exposure near 1717.8 USD using about 20 times leverage to short about 17,000 ETH, roughly amounting to 29.3 million USD; while whale address 0x14f entered at a price of about 1720.12 USD, establishing a long position of 8,615 ETH at about 25 times leverage, with a nominal scale of about 14.86 million USD and a liquidation price around 1863.48 USD. The deleveraging party starkly contrasts with the doubling bets at similar price levels from the long and short sides, indicating that there is currently no directional consensus within this range, but rather aggressive speculation based on individual risk tolerance and time perspective.
From the position structure, the leverage multiples of 0xa2e8 and 0x14f are concentrated in the range of 20–25 times. If ETH exhibits unilateral fluctuations, the liquidation pressure will first focus on these few large addresses instead of being broadly dispersed among the long-tail retail investors across the entire chain. According to observations from multiple on-chain sources, there is also a viewpoint suggesting that there may be other large ETH long positions on Aave recently, but the related borrowing scale and liquidation range currently lack verifiable data support and can only be seen as a potentially centralized risk signal pending confirmation. In addition to the visible large long and short positions, there may still be some high-leverage exposures lurking within the same price zone.
Risks and Variations Under High-Leverage Collision
Summarizing the above on-chain information, ETH has currently formed multiple sets of concentrated positions around the 1700 USD mark that are directionally opposed but have high leverage ratios: the Venus attacker is selling ETH to repay debts while still carrying about 6.78 million USDT in debt on Aave; 0xa2e8 is shorting about 17,000 ETH with about 20 times leverage, while 0x14f is going long on 8,615 ETH with about 25 times leverage. The combined nominal positions of the two exceed 44 million USD, and at this scale, every 1% price fluctuation in ETH will lead to paper profits or losses in the tens of thousands of USD for the related accounts. In the short term, price movements are more likely to be influenced by the position adjustment rhythms and additional margin willingness of these few large addresses, rather than being led by more dispersed small to medium positions. Key variables worth closely monitoring include: whether 0xa2e8 and 0x14f continue to amplify leverage or choose to reduce positions to lock in results at the current price range, whether the Venus attacker further utilizes ETH or USD assets to repay Aave debts, and whether ETH's price behavior near its entry cost and liquidation price triggers concentrated passive liquidations. This article only outlines the visible structural high-leverage exposures and potential risk transmission paths on-chain, without constituting any directional judgments. Readers using leverage under similar circumstances should also consider their own capital scale and capacity to bear risk, actively managing position volatility and liquidation risks.
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