A whale is suspected of conducting short-selling operations of $48 million in ETH through on-chain mortgages.

On December 22nd, Arkham monitoring showed that an address starting with 0x454 had collateralized about $80 million worth of WBTC on Aave, and borrowed around $48 million worth of ETH. Subsequently, these ETH were sent to Coinbase, suspected to be sold, and the whale may be shorting ETH.

The whale received the funds about 3 days ago and made this transaction when the ETH/BTC exchange rate hit a new low. If the price of WBTC remains unchanged, the whale's position will be liquidated when the price of ETH rises to around $2700.