TechFlow reported on June 15 that, according to monitoring by on-chain analyst Ai Yi (@ai_9684xtpa), an address associated with borrowing ETH to sell short continued to add to its position as the ETH price broke above $1,700. Instead of cutting the position, the whale expanded the short exposure.
The monitored activity shows that the address withdrew 45.495 million USDT from Binance around 3.5 hours earlier. The funds were then deposited into Aave as collateral, after which the address borrowed another 10,000 ETH for short selling. The newly borrowed ETH was valued at approximately $17.25 million based on the figure cited in the report.
At the time of the monitoring update, the address had cumulatively deposited $156 million in stablecoins as collateral and borrowed a total of 35,388.4 ETH. The average selling price of the position was $1,682.14, and the current unrealized loss stood at $1.098 million. If ETH rises to $3,453.36, the position will be liquidated.