Whale Positioning: $26.3M USDC Added, ETH Short Expanded

On-chain data shows a large whale wallet (ending 0x6c8) has deposited an additional $26.3 million in USDC and expanded its ETH short position again, which confirms a clear bearish stance.
This action comes even though the position currently has an unrealized loss of about $1.15 million, raising the total ETH short exposure to around $78.41 million.

Key takeaways:
- Significant USDC collateral added to support the position
- ETH short size increased despite the loss
- Suggests strong belief in the strategy, not panic management
- Indicates expectation of further declines or increased volatility
- No signs of reducing the position or avoiding risk

Frequent margin top-ups like this usually show strong directional confidence, with the trader prepared to endure short-term losses for a bigger anticipated move.
Is this whale positioning ahead of a deeper ETH pullback, or is it risking a squeeze if momentum shifts?
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