A trader shorting ETH lost $10 million in profits, but ultimately still made $12.66 million.

According to on-chain analyst Yu Jin, a trader experienced significant volatility while operating an ETH short position, ultimately earning a profit of $12.66 million. The trader opened a short position on ETH at $4,718 on September 13th and, when the price fell to $3,815 at the end of September, realized a $9.75 million profit, but did not close the position. Subsequently, in October, the price of ETH rebounded to around $4,700, causing the trader to lose all of the profit, but a subsequent downtrend resulted in a profit of $12.66 million.