Trader 0xcB92’s 40,000 ETH Short Yields $21.45 Million Unrealized Profit
According to Lookonchain data, crypto trader 0xcB92 has not closed a 40,000 ETH (around $90.3 million) short position, with unrealized profits exceeding $21.45 million. Over the past month, this trader has netted more than $20 million trading ETH. The size and persistence of the short position highlight a bearish stance on Ethereum, drawing attention to potential market pressure if the position remains open or leads to further selling.
Bearish
A 40,000 ETH short with over $21 million in unrealized gains signals strong bearish sentiment toward Ethereum. Large open short positions often apply selling pressure on prices. If 0xcB92 maintains or increases the position, ETH could face downward momentum. Historical precedents show that sustained profitable shorts can influence market sentiment and trigger further selling among traders, reinforcing a bearish outlook in both the short and medium term.