The "whale that borrowed cryptocurrency to short ETH" may have begun closing out its ETH long positions, already incurring a floating loss of approximately $70 million.

According to OnchainLens monitoring, a "whale that previously borrowed to short ETH" withdrew 199,720 ETH (approximately $632 million) from Aave V3 and transferred 44,000 ETH (approximately $140 million) to Binance six hours ago. This whale may have begun closing its ETH long positions, which are currently showing a floating loss of approximately $70 million.