Trend Research conducted a similar short ETH operation back in November last year when ETH was over three thousand: by collateralizing USDC on Aave and then borrowing ETH to sell short. In November last year they shorted 66,000 ETH and should have made $2448 million in profits. After closing that short position, they then increased their long positions, ultimately going long on 650,000 ETH. The outcome, as everyone knows, resulted in a loss of $734 million.

ETH-0.97%
AAVE-2.28%
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