TechFlow reported on June 16 that, according to monitoring by on-chain analyst Ember (@EmberCN), a whale address continued to expand its ETH short-related activity after the recent rebound in ETH. Rather than reducing exposure, the address borrowed another 9,000 ETH from Aave and transferred the funds to Binance.
The monitored activity shows that the address later withdrew 16.37 million USDT, completing the selling operation. Based on the data disclosed, the whale has now accumulated a short position of 44,000 ETH, with a stated value of approximately $78.89 million. The average selling price for the short position is $1,702.
As the ETH price has risen, the address is currently carrying an unrealized loss of about $3.08 million. The reported fund flow consists of borrowing ETH from Aave, sending the ETH to Binance, and withdrawing USDT after the sale, with the information sourced from Ember’s monitoring of on-chain address activity.