Trader 0xcB92 has decided to increase his short position on Ethereum, attracting significant attention in the crypto market.
Increase in Ethereum Short Position
Trader 0xcB92 has increased his short position on Ethereum to 50,000 ETH, which is worth about $122 million. This move is seen as bold and draws interest among crypto traders.
Decline in Unrealized Profits
Initially, 0xcB92 had over $26 million in unrealized profits from his short position. However, instead of taking profits, he doubled down by adding another 10,000 ETH, bringing his unrealized profits down to $13.9 million.
Trader's Strategy and Risks
Such an aggressive stance on shorting comes with risks. If ETH were to rebound sharply, the position could quickly reverse, putting millions at risk. However, 0xcB92 is known for his precise timing in trades, thus attracting attention to his actions.
It will be interesting to observe the price dynamics of Ethereum in the coming days, as trader 0xcB92's actions may significantly influence market sentiment and price direction.
