One of the top PnL traders on a major derivatives platform just added another short position—$14.3K worth of $ETH at $3,624.40.

Here's where it gets interesting: this trader's now sitting on a massive $47.13M short against Ethereum, with an average entry around $3,528.23. The liquidation trigger? $7,103.74. That's more than double the current price—talk about confidence in a bearish thesis.

Whether this bold move pays off or becomes a cautionary tale depends entirely on where ETH heads next. High conviction, high stakes.