A significant Ethereum short position is reaping profits as the cryptocurrency market continues to decline. An Ethereum whale has secured over $58 million in unrealized gains from shorting ETH at a price of $3,220, while other traders have seen substantial losses due to the recent downturn. 50x leverage enabled this trader to capitalize on the market’s fall as it plummeted below the $2,400 mark. Other whales are also profiting from market downturns, with some seeing gains of more than $30 million through similar short positions. This comes amid significant exchange inflows for ETH, as data reveals a spike in transfers to and from exchanges. On February 25th, Whale Alert reported the transfer of 50,000 ETH to Kraken. Meanwhile, Blackrock made sizable investments in Coinbase Prime with deposits of over $44 million worth of Ethereum and $160 million in Bitcoin. These transactions indicate continued market activity even during periods of decline.