**How a Whale with Impressive Track Record Lost $20.73M Shorting ETH**

On-chain analyst Yu Jin flagged a cautionary tale today: a notable trader who had maintained a 75% win rate across previous trades just got liquidated on an 11-day ETH short position. The damage? A staggering $20.73 million loss, with only $250K remaining from their account.

**The Perfect Setup Gone Wrong**

The whale initiated their ETH short on July 28th, timing that initially looked brilliant. By August 3rd, they were sitting on a floating profit of $12.25 million—a position that seemed vindicated. But as ETH continued its upward momentum, the narrative flipped. Instead of cutting losses early, the trader kept adding to underwater positions, ultimately deploying $20.98 million total into the short bet.

**What Happened Next**

As Ethereum (ETH) rallied—currently trading at $2.92K with a -0.71% 24-hour move—the liquidations cascaded. Each time the whale tried to average down and recover losses, ETH's strength punished them further. By this afternoon, they capitulated entirely, closing all remaining positions and walking away from what had looked like a winning streak.

**The Lesson**

Even traders with strong historical win rates can face devastating losses when market momentum turns against them. A 75% win rate means nothing if position sizing and risk management fail. ETH's resilience proved stronger than the whale's conviction—a reminder that in crypto, past performance doesn't guarantee future results.