A certain leading on-chain trader has recently been very active in the derivatives market. According to on-chain data, this active wallet has expanded its short positions on Ethereum to a scale of $63 million, with an average entry price of approximately $3,136. In the recent 30-day swing trading operations, this address has secured about $1 million in profits on a major derivatives trading platform. Besides futures trading, its positioning on lending protocols is also quite substantial — the total lending amount has exceeded $26.71 million. The movements of such large players often reflect market participants' short-term outlook on Ethereum, and it is worth continuously monitoring their subsequent position changes.