According to @EmberCN, an on-chain address collateralized approximately USD 700 million in USDC and borrowed 66,000 ETH (about USD 262 million) before transferring the ETH to Binance, indicating a short setup based on the transaction flow reported by the author (source: twitter.com/EmberCN/status/1985159041048588294; on-chain profile: debank.com/profile/0xe5c248d8d3f3871bd0f68e9c4743459c43bb4e4c). About 1.5 hours before the post, the address withdrew 20,021 ETH (about USD 78.15 million) from Binance, which the author interprets as buying back ETH to take profit after shorting (source: twitter.com/EmberCN/status/1985159041048588294). The author notes the short was initiated near ETH USD 4,032 and references ETH at USD 3,850, implying roughly USD 12 million profit on the covered portion (source: twitter.com/EmberCN/status/1985159041048588294). The author presents these flows as evidence of short-covering progress that could affect near-term ETH order flow around the USD 3,850 level (source: twitter.com/EmberCN/status/1985159041048588294).