As of January 4, a trader known as pension-usdt.eth deposited USDC 29,999,699 into a contract account and opened a 3x leveraged short position on ETH. The trade occurred roughly 10 minutes earlier, with the short position currently totaling 453 ETH, worth about $1.425 million.
The move is visible in on-chain data, indicating a sizable bearish bet against Ethereum as markets monitor volatility. The leverage amplifies potential gains or losses, underscoring appetite for downside exposure on ETH. Such activity underscores ongoing interest in ETH downside strategies among traders. It can influence near-term sentiment and liquidity dynamics if positions move.
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