$21 Million ETH Short Position Slowly Closing

Former CFO 0xSifu (sifu.eth) of Frog Nation, who entered a $21 million ETH short position amid the market's uptrend, has begun to unwind his position over the past 24 hours.

$21 Million ETH Short Position Slowly Closing

0xSifu, known within the community for his substantial $21 million ETH short position, has started to close his position by cutting approximately 50% of it on the Synthetix DEX.

0xSifu's ETH short position as of October 27, 2023

The closure of 0xSifu's position on Synthetix. Source: Watcher

Earlier on October 24, the former Frog Nation CFO was discovered to have entered a $21 million ETH short position, anticipating a significant drop in ETH prices. His average position at the time was $1,643 USD. However, with ETH continuing to rise to $1,926 USD, his position faced the risk of being liquidated.

To prevent this scenario, on October 24, 0xSifu continuously added collateral to his short position to raise the liquidation price. Currently, by deciding to gradually close his position, the scale of his position has reduced from $21 million USD to $12.5 million USD, with the liquidation price adjusted to $2,059.94 USD.

0xSifu has been a controversial figure due to his questionable past actions, prompting on-chain investigator ZachXBT to publicly express a desire to see his ETH short position liquidated, regardless of potential legal implications.

ETH is currently priced at $1,790 USD, experiencing a slight decrease over the past 24 hours, amid a general upward trend in the market with no significant growth observed.

1-hour chart of ETH/USDT pair on Binance as of 11:15 AM, October 27, 2023