Just caught a large short-selling operation—some whale completed a short position of 5,000 ETH within two hours, involving as much as $15.66 million.

The operation path is very clear: first, borrowed 5,000 ETH from the Aave protocol, then split into two transfers—4,000 ( (about $12.49 million )) flowed into Binance, and another 1,044 ( ($3.26 million )) went to another exchange.

What's interesting is the follow-up move. Not long after the ETH was deposited, 40 minutes ago this address withdrew $12.45 million USDT from Binance. The timing is so precise that it's almost certain the sell-off and cash-out have been completed. From borrowing to selling, the entire process was seamless.

If ETH continues to drop after this operation, his profit margin will be quite substantial. Of course, the premise is that he can buy back the coins at a suitable price to repay them.