In a surprising move that has caught the attention of the crypto community, a well-known whale wallet—0xd85d—has flipped bearish on Ethereum (ETH) and Solana (SOL). According to on-chain data, the whale closed their long positions on both assets around five hours ago, taking significant losses in the process.

The whale exited a long ETH position with a $5.33 million loss and a SOL position with a $3.72 million loss. These back-to-back losses suggest a major change in market sentiment from bullish to bearish.

Soon after closing the losing trades, the whale entered large short positions, betting that both ETH and SOL prices would fall in the near future. The whale opened a short position of 10,491 ETH, valued at approximately $38.7 million, and another of 100,000 SOL, worth about $16.86 million.

This move brings the total value of the whale’s short positions to over $55 million, a bold signal of expected downward price movement. Such high-volume shifts often attract attention from other traders and analysts, who view whale behavior as a key indicator of market trends.