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Whales are making moves again. A major wallet starting with 0x218A recently transferred 5.5 million USDC to a leading derivatives trading platform to increase their short position on Ethereum.
This guy's guts are not small—10x leveraged short, with the current position reaching $68 million. Holding a short of 21,820.69 ETH, if the market moves against him, the liquidation price is at $3,565.94.
How risky do you think this is? Betting heavily in one direction—either making a huge profit or getting liquidated. It seems this trader has a new outlook on Ethereum's recent trend. Anyway, such large leveraged moves often create ripples on the chain.