Just discovered a significant on-chain operation.

A top wallet address recently dumped $30 million worth of USDC to an exchange and then opened a 3x leveraged short position on Ethereum. This is no small move—currently, the short position has accumulated to 20,000 ETH, worth $63.63 million.

Now it's a bit awkward, with unrealized losses approaching $900,000. But that's not the main point. The real question is: who is behind this operation?

I checked the transaction history of this address. Over the past three months, it has made about 70 transactions, with a win rate of around 83%, and a total profit of $20.95 million. This trader's style is very distinctive—high frequency, engaging in both long and short positions, with an average holding period of less than 24 hours.

This is very interesting. Why would a high-win-rate trader willingly accept nearly a million dollars in unrealized losses at this point?

Generally, there are two possibilities. Either they made a wrong judgment. But judging by this account's historical performance, the probability of making such a basic mistake is quite low. The other possibility is that the timing isn't right yet.

Looking at their trading characteristics—high frequency + short cycle—this short position clearly bets on "short-term structural adjustment," rather than signaling any long-term trend reversal. The $30 million USDC transferred to the exchange is like pre-loaded bullets, just waiting for the trigger to be pulled at the right moment.

If this hypothesis is correct, the subsequent trend could be quite interesting. These high-frequency traders usually deploy their chips all at once when both capital and timing align.