Smart Money Shifts Strategy to Short Ethereum After Flash Crash

According to BlockBeats On-chain Detection, a notable shift in trading strategy has been observed following the recent flash crash. An on-chain analyst, Ai Yi, reported that the entity known for leveraging a 25x long position on Ethereum (ETH) after the October 11 flash crash has now reversed its position to short the cryptocurrency. Eight hours ago, the trader closed the remaining long position of 19,383.25 ETH in batches, resulting in a loss of $6.646 million. Subsequently, the trader initiated a 25x leveraged short position, holding 18,802.51 ETH, valued at approximately $61.45 million. Currently, this position is showing an unrealized profit of $1.3 million.