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Interesting things have happened. An address holding over 21,820 ETH shorts saw unrealized losses surge to $1.244 million at one point. This position was opened around $3,016, with a liquidation line set at $3,496.
The trend of this trade from opening to now essentially shows that the market did not follow the path the shorts expected. Ethereum has been rising from that price level, and every expectation of the bears has been proven wrong. The current situation is either to admit defeat and exit or to hold onto this million-dollar-level unrealized loss and wait for a rebound.
In the first month of 2026, even before it’s over, the market has given shorts a lesson—highlighting how difficult it is to bet on a decline in this cycle.