Whale Rakes in $1.7M Profit from ETH Short as Market Tanks

Whale's Precise Timing Pays Off with ETH Short

According to the latest on-chain data monitored by analyst Yu Jin, a whale who took a leveraged short position on Ethereum (ETH) last Friday successfully seized the opportunity presented by the market crash this morning. Between 7-8 AM today, the crypto market experienced a sudden plunge, resulting in a floating profit of $1.7 million on the whale's short position.

Confident Move with Position Addition

Interestingly, just half an hour before the crash, the whale increased their short exposure, further amplifying potential gains. The current short position stands at 30,639 ETH, valued at around $98.5 million, with an average entry price of $3,271 and a liquidation price at $3,296.

Strategy Behind the Volatility

• Leverage can magnify both profits and losses.
• Accurate market timing is crucial for success.
• Extreme volatility creates opportunities for skilled traders.

This trade serves as a reminder that while the crypto market can reward well-calculated risks with outsized returns, prudent risk management remains essential for all investors.