BlockBeats reported on June 21, citing monitoring by OnchainLens, that the whale address identified as “0xa2e” has opened a new short position in Ethereum. The position consists of 23,000 ETH and uses 20x leverage. Based on the monitoring data, the position is valued at $39.64 million.
The position is a short trade, which means it is structured to profit when the price of Ethereum declines and to lose value when the price moves in the opposite direction. OnchainLens also reported a liquidation price of $1,832.43. In leveraged trading, the liquidation price marks the risk threshold at which a position can be forcibly closed if margin is no longer sufficient.
The same monitoring data shows that since June 10, this whale has made more than $3.15 million in profit solely from trading Ethereum. The newly opened 23,000 ETH short position adds another large Ethereum-related trade to the on-chain activity associated with address 0xa2e.