20x Bitcoin (BTC), Ethereum (ETH) and XRP Shorts Are Open: Investors Aim for Bloodbath

Crypto trader 0xdd6a has built a $26.5 million short position at 20x leverage across major cryptocurrencies.

Arman Shirinyan · 8 Oct 2026 · 5 min read

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20x Bitcoin (BTC), Ethereum (ETH) and XRP Shorts Are Open: Investors Aim for Bloodbath

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By
Arman Shirinyan

Thu, 8/10/2026 – 10:10

Crypto trader 0xdd6a has built a $26.5 million short position at 20x leverage across major cryptocurrencies.

20x Bitcoin (BTC), Ethereum (ETH) and XRP Shorts Are Open: Investors Aim for Bloodbath

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Barrage of short orders
Momentum is certailny fading

The derivatives market is more alive than ever, thanks to substantial changes in the hearts of large market participants, with trader 0xdd6a creating large 20x leveraged short positions on major cryptocurrencies. On Aster DEX, the positions currently show unrealized gains of over $586,000 from a total position size of $26.5 million. The trader allocated significant capital across five major assets, as shown in the position breakdown.

Barrage of short orders

With $9.33 million (3,629 ETH) and $163,000 in profits, Ethereum leads the portfolio, followed by Solana at $8.52 million (73,728 SOL) with a $141,000 gain. The notional value of Dogecoin stands at $4.24 million, comprising 48.37M DOGE, which has generated $224K in profit, the largest individual gain in this portfolio. Bitcoin contributes $1.99 million from 24 BTC, resulting in modest gains of $5,600.

Attention should be paid to the timing of these short positions. Recent market charts show BTC, ETH, and SOL all experiencing significant rallies from mid-August to mid-September, followed by a period of consolidation.

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Momentum is certailny fading

After the initial recovery momentum started to fade, the trader seems to have taken a bearish stance, benefiting from the recent downward corrections. At 20x leverage, these positions are remarkably sensitive to any adverse price action. If the price moves against the shorts by 5%, it would lead to the liquidation of roughly half the account’s value, marking a critical risk threshold that could imply either strong conviction or the use of sophisticated hedging strategies.