Odaily reported that, according to monitoring by on-chain analyst Yu Jin, a whale opened a short position in ETH after the token rose two hours earlier. The trader shorted 17,000 ETH at a price of $1,717.8, putting the notional value of the position at about $29.36 million.
The ETH short is currently in unrealized loss
At the time of the monitoring update, the whale’s ETH short position was showing an unrealized loss of $140,000. A short position is generally used when a trader is betting on a decline in the asset’s price; if ETH trades higher relative to the entry price, the paper loss on the short position increases, while a pullback would reduce the loss or turn it into profit.
Yu Jin also noted that the whale has made 10 ETH-related trades since the 10th, with 9 wins and 1 loss, giving the address a 90% win rate. Across those ETH trades, the whale has accumulated $4.91 million in profit, equivalent to a return of +164%.