Trader Shifts from ETH to BTC Shorting with Significant Losses

12/16/2024 1:15:57 AM

According to EmberCN, a trader known for trading ETH has shifted strategy by shorting BTC instead. The trader used USDT acquired from recent ETH sales as collateral on Aave to borrow 220 WBTC. These were sold on-chain at an average price of $102,366, converting to 22.52 million USDT. However, with BTC's current price at $105,200, the trader is facing an unrealized loss of $620,000. (Source)

Aave ETH BTC USDT WBTC

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