The cryptocurrency trader earned over $1.1 million in two days thanks to a successfully opened short position on Ethereum$ETH . He bet on the asset's price decline, using 50x leverage when the asset was trading at $3428.

A short position is a trading strategy in the market used by investors who expect a decrease in the value of a certain asset. It is also referred to as "going short".

The position was opened on December 24, 2024, and just two days later, it brought the owner over a million dollars in unrealized profit. During this period, the price of Ethereum fell from $3428 to $3359. Analysts note that before the trader placed the bet, the asset's price had been rising for two consecutive days.