a leading one Ethereum (ETH) whale attracted attention with a series of aggressive short positions, amassing a staggering $77.68 million in short positions against ETH.
The trader’s actions, documented on-chain and spread on social media, raise eyebrows as potential losses climb into the millions.
Yesterday, the whale’s initial short position of 10,612.59 Wrapped ETH (WETH) had already lost money, facing a volatile loss of $908,000. Undaunted, the trader aggravated the situation further throughout the night, opening a short position of another 5,000 ETH in a row. This first top-up was via Aave, a decentralized lending platform, and the whale traded at an average of $3,459.38. His subsequent buyback at $3,436 yielded a small profit of $117,000, which was a pittance compared to the total risk.
Just a few hours later, the whale continued his aggressive strategy, borrowing another 5,000 ETH at an average price of $3,501.79, bringing his total short position to 15,612 WETH. At this point, the trader’s health factor, a metric used by Aave to assess liquidation risk, was 1.45, and liquidation was predicted to occur at the ETH price of $3,861.77.
The whale’s risk was not limited to this. Following social media updates documenting the transactions, the identified wallet address (0x6c2…a4777) further increased the short position to 20,612.13 ETH. Adding fuel to the fire, another address (0x2c8…22d86) opened a short position of 1,001 ETH, apparently associated with the trader.
This combined short position has now reached 21,613.13 ETH, which equates to $77.68 million at the time of writing. With an average selling price of $3,458 and the current market price hovering above this level, the trader is currently facing a significant variable loss of $2.84 million. The health factor has also fallen dangerously low to 1.27, indicating a high risk of liquidation if ETH experiences a significant price increase.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/batmis-durumdaki-kripto-para-balinasi-yine-de-vazgecmiyor-pozisyonunu-daha-da-arttirdi/
