Many Await the Liquidation of This $21 Million ETH Short Order!

On October 24, 2023, the cryptocurrency market surged, with Bitcoin reaching $34,700, its highest level since the LUNA - UST crash.

Bitcoin's "Uptober" has been a dream month for many, surging over 17% from its October start near $27,000.

While the market painted green brought rare positive sentiment, not everyone rejoiced.

Among the less jubilant are the short traders, such as Sifu, who placed a $21 million short order on ETH that would be liquidated if ETH hits $1,973.7.

Former CFO of the Frog Nation group, 0xSifu (sifu.eth), is managing this short position on the Synthetix DEX.

The short position is valued at over $21 million, with an average ETH short price of $1,643. Currently, with ETH trading around $1,817, the position is at a loss of over $2 million.

This order will be completely liquidated if ETH rises to $1,973.7. On October 24, Sifu continuously added collateral to push the liquidation price higher.

Previously, the community closely monitored high-risk positions like the $200 million BNB loan by BNB Bridge hacker and the collateralization of hundreds of millions of USD worth of CRV by Curve's founder.

These leveraged trades on on-chain exchanges are closely watched due to their potential significant repercussions if liquidated.

Returning to Sifu, Synthetix data shows continuous ETH additions to increase collateral. Most recently, an additional $550,000 was added.

However, Sifu remains steadfast in their bearish ETH prediction, hence the continued increase in the short position.

Meanwhile, the community humorously anticipates ETH price surges to liquidate Sifu's order. Sifu, disliked by many for past "misdeeds," finds few sympathizers currently.

Do you think ETH will rise to liquidate the above order?