On May 12, COINOTAG reported significant volatility in the Ethereum (ETH) market. Renowned on-chain data analyst Yu Jin tracked a famous whale who had been trying to short ETH but was unsuccessful. After a series of failures, this trader switched their strategy from shorting to going long seven hours ago. They repurchased 5,000 ETH at a price of $2,509, worth approximately $12.54 million, to repay debts, and then opened a long position, using a revolving loan to buy another 10,000 ETH, totaling about $25.09 million. This whale's shorting attempts ultimately resulted in a loss of $90,000, further solidifying a 0% success rate for short positions. Such market dynamics highlight the challenges and unpredictability traders face in the turbulent cryptocurrency market.
