A whale wallet has been continuously increasing its ETH short positions over the past 30 minutes, with the total short position reaching 18,875.18 ETH, currently valued at approximately $57.32 million.

According to on-chain data, the average opening price of this short position is $3,011.83. Although the unrealized loss based on the current market price is about $476,000, interestingly, this wallet has already gained $537,000 from funding income — the two nearly offset each other, resulting in an overall neutral position.

This indicates that the whale is balancing its risk exposure through a rate arbitrage strategy. In the current ETH volatility environment, this stable income stream from fees indeed provides a certain buffer for large traders. The market is still brewing for changes.