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I just saw that some smart money on the chain is up to something again. This time, they directly opened 20x leverage to short ETH and SOL, with a quite large position. Based on the latest prices, they shorted approximately $45 million worth of ETH and over $18 million worth of SOL.
Interestingly, this address has previously made a lot of money from shorting, with total profits approaching $18.8 million before this move. Now they are adding to their short positions, seemingly betting that these two tokens will pull back soon.
The movements of this kind of smart money are definitely worth paying attention to. Although leveraged shorting carries high risks, their actions often reflect some shifts in market sentiment. Whether this move will turn out as hoped depends on how the market develops next.