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The trader failed to short at the highest price of ETH three times in a row, losing 3.8 million dollars.
According to analysts, a certain trader has executed his third stop loss on a short order, closing most of his ETH short order opened earlier today 20 minutes ago, with the remaining part being slowly closed through TWAP. After making 11.3 million dollars by going long on ETH three days ago, he has shorted ETH at the highest price three times in the past three days, each time executing a stop loss after the ETH price exceeded his short opening price by 50 dollars. These three shorting at the highest price on ETH have resulted in a loss of 3.8 million dollars.