On July 24, prominent on-chain analyst Ai Yi (@ai_9684xtpa) reported that the contract whale known as “First Set 10 Big Targets” (@jasonleo) initiated a significant short position involving 5,444.155 ETH, valued at approximately $19.82 million. The entry price for this position was set at $3,528.85 per ETH, with a margin allocation of $3.845 million. This sizable move highlights strategic positioning within the Ethereum derivatives market, reflecting sophisticated risk management and market sentiment analysis by institutional players. Tracking such large-scale trades provides critical insights into potential price movements and liquidity dynamics in the crypto asset space.