A trader identified as “0x50b3” has opened a massive leveraged short position against Ethereum, betting on a potential price decline, according to data tracked by Lookonchain.

The position totals 47,604 ETH, valued at approximately $100 million. Based on trade data, the liquidation threshold is set at $2,149.

The aggressive leverage and massive position size have drawn attention from crypto traders as the bet comes during a period of growing ideological tension and identity challenges in the Ethereum ecosystem.

Mounting criticism has surrounded the Ethereum Foundation, the nonprofit organization that plays a central role in supporting the ecosystem. Investor frustration has also intensified as ETH has lagged behind Bitcoin’s performance, pulling back down to the mid-$2,000s from its previous highs.

David Hoffman, Bankless’ co-founder and one of Ethereum’s most vocal cheerleaders, said last week that he had sold his Ethereum holdings. The move comes as Bankless enters its “second era,” with co-founder Ryan Sean Adams shifting into a more limited operational role while continuing to support the platform and appear on its podcast.

ETH is trading at about $2,114 at press time, down approximately 29% so far this year, per CoinGecko.

In comparison, Bitcoin has dropped roughly 12%, while BNB and XRP have fallen about 23% and 26% respectively. Among major altcoins, Solana has also seen a sharp decline of around 31% year-to-date.