Cryptocurrency trader makes $68M profit shorting Ether amid price decline

An unidentified trader in the cryptocurrency market has garnered nearly $68 million in unrealized profit by shorting Ether during its recent price drop. As per data from Hypurrscan, the trader initiated a 50x leveraged short position when Ether (ETH) was priced at $3,176. By 9:06 am UTC on March 5, the position had accumulated almost $68 million in unrealized profit. The trade involved shorting 70,131 ETH, valued at over $155 million at current prices, and also earned $3.2 million in funding fees. However, there is a risk of liquidation if Ether's price surpasses $3,460.