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A well-known trader has recently increased their shorting position on Ethereum (ETH). According to the latest data, the trader was still adding to their short positions in the early hours, currently holding up to 70,000 ETH in short positions, which is approximately $252 million at current market prices.
The actions of this trader have attracted widespread attention in the market. The opening price for their large short position is $3618, and if the ETH price rises to $3686, it will trigger the liquidation line. This large-scale shorting operation indicates that the trader holds a pessimistic view on the short-term trend of ETH.
It is worth noting that the trader employed 15x leverage, which further highlights their strong view on the market direction. Such a high leverage operation undoubtedly increases the risk of the trade while also potentially having a significant impact on the market.
Market participants are closely monitoring the subsequent developments of this large-scale shorting. It not only reflects the skepticism of certain large traders regarding Ethereum's current valuation but may also have a potential impact on the short-term price trend of ETH. Investors should fully consider the market volatility that such large transactions may bring when making decisions.