PANews reported on November 3rd that, according to Yu Jin, a suspected institutional whale that pledged 700 million USDC to borrow 66,000 ETH and transferred them to Binance two weeks ago may have completed a short-selling operation on ETH. The address withdrew 20,000 ETH from Binance an hour and a half ago, worth approximately $78.15 million, suggesting it may be covering its short position. The ETH price was $4032 when the short position was opened, and it is currently at $3850, with an estimated profit of approximately $12 million from this operation.