A whale who borrowed 5,000 ETH to short sell a month ago closed out his position after ETH reached $3,000.
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TL;DR
A whale closed a short position after ETH hit $3,000, repaying a loan of 5,000 ETH borrowed in December. The trade netted around $390,000 in profit by buying back at a lower price.
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EthereumSmart ContractsLayer 1whaleETH short saleon-chain datacryptocurrency tradingBinance
On January 2, according to on-chain data analyst Yu Jin, after ETH once again reached $3,000, a whale who had borrowed 5,000 ETH to short sell a month earlier chose to close his position.
The whale just withdrew 4,830 ETH (approximately $14.75 million) from Binance to repay a loan on-chain. This short sale of ETH earned approximately $390,000. The whale borrowed ETH to short sell on December 5th when ETH was at $3,132, and today bought back ETH at $3,054 to repay the loan.