On-chain monitoring data shows that during midday on January 22, a large holder with an address starting with 0x322d established a sizable ETH short position at a price of $3011.7—950 ETH, worth approximately $2.86 million.

This order is backed by a 3x leverage configuration, and the current position size remains at 950 ETH, equivalent to $2.87 million. Interestingly, this large holder is currently at a floating loss, with an unrealized loss of about $6,433. However, based on the liquidation price, the counterparty's risk tolerance is relatively sufficient, with the liquidation price set at $4,074—meaning if ETH drops below this level, this short position will face a forced liquidation risk.