According to @EmberCN, a whale/institution that borrowed to short 66,000 ETH at $4,032 has taken profit on most of the position, source: @EmberCN on X. The same source reports the entity just withdrew 24,025 ETH, about $83.9M, from Binance to repay, and over the past day withdrew a total of 64,044 ETH worth roughly $235M to cover at an average buy price of $3,668, source: @EmberCN citing DeBank. On-chain data for wallet 0x85e05c10db73499fbdecab0dfbb794a446feeec8 indicates an estimated realized profit of about $23.31M from selling near $4,032 and buying back near $3,668, source: DeBank via @EmberCN.

According to @ai_9684xtpa, starting at 23:47 the longtime BTC whale who previously rotated into ETH began reducing a short position in small, high-frequency clips, with the position at 4,394.73 BTC before the reductions, as evidenced by the hyperbot.network trader page cited by @ai_9684xtpa (source: @ai_9684xtpa; source: hyperbot.network). In the same window, BTC broke above 112,500 dollars and the broader market rebounded (source: @ai_9684xtpa). @ai_9684xtpa also stated this is the whale’s first short reduction since the 10/11 flash crash (source: @ai_9684xtpa).