There has been an interesting phenomenon worth paying attention to in the past couple of days.

A large whale wallet (pension-usdt.eth) still holds an open short position on ETH, and the unrealized profit has already accumulated to $150,000. The key point is that this guy has no intention of closing the position; instead, he is continuously reducing his holdings — in other words, they are continuing to leverage up to maintain this short position.

Think about it, what does this mean? Large funds still believe ETH has room to go down and are confident in shorting at this price level. The unrealized profit is just on the way; it hasn't reached the destination yet. Once this situation becomes known, retail investors are more likely to follow suit. Don’t underestimate this whale, but the market fears the continuous accumulation of selling pressure from such entities.

Although BTC and BNB are performing somewhat better, if one link encounters a problem, the risk of contagion still exists. So, in the recent period, it’s important to keep an eye on changes in the capital flow and not be fooled by the surface illusion of a rebound.