ETH Whale Switches Strategies: From Failed Shorts to $25 Million Long Position

On May 12th, COINOTAG News reported significant movements in the Ethereum (ETH) market. Renowned on-chain data analyst Yu Jin tracked a prominent whale who had been unsuccessfully attempting to short ETH. After facing a series of failures, this trader shifted their strategy from shorting to a long position just seven hours ago. They purchased back 5,000 ETH, valued at approximately $12.54 million, at a price of $2,509 to settle their debts and subsequently opened a long position, leveraging a loop loan to acquire an additional 10,000 ETH, totaling around $25.09 million. This particular whale’s foray into short selling culminated in a $90,000 loss, further solidifying a 0% success rate in short positions. Such market dynamics highlight the challenges and unpredictability faced by traders within the volatile cryptocurrency landscape.