A few days ago, that ETH sell wall really started to materialize Whale 0xa61c…66b9 currently holds 17,800 ETH short positions, worth about $48.7M, with a cost basis of $2,634.41, and an unrealized loss of $1.73M. There are still 6,901 ETH sell orders above at $2,810–$2,876, worth about $19.63M. If all of these are filled, their short position will expand further to 24,700 ETH. Before flipping short this time, 0xa61c completed two rounds of ETH long trades, pocketing a total of $3.31M: - Sept 4–15: Opened 9,398.03 ETH long, earned $2.5751M - Sept 15–18: Opened another 9,398.03 ETH long, earned $735.1K In fact, as early as Sept 15, they had placed 66 sell orders at $2,687–$2,876, but eventually canceled them. After closing out the last round of longs on Sept 18, this address officially started shifting their position to shorts.