According to @EmberCN, an on-chain whale or institution posted $700M USDC as collateral on 2025-10-20, borrowed 66,000 ETH (about $262M), transferred funds to Binance, and likely shorted near $4,032. Source: @EmberCN on X; DeBank profiles: debank.com/profile/0x6e9e81efcc4cbff68ed04c4a90aea33cb22c8c89, debank.com/profile/0xe5c248d8d3f3871bd0f68e9c4743459c43bb4e4c, debank.com/profile/0x85e05c10db73499fbdecab0dfbb794a446feeec8. After the decline, the entity withdrew 40,041 ETH from Binance and repaid at an average buy-back price of $3,773, implying realized profit of roughly $10.37M on that tranche based on the cited entry and exit prices. Source: @EmberCN on X; DeBank profiles above. Approximately 26,000 ETH of the borrowed amount remains uncovered; at current levels, total profit is estimated around $20M if positions are fully closed, per @EmberCN. Source: @EmberCN on X; DeBank profiles above. For trading, the $4,032 short-entry and $3,773 buy-back are key on-chain reference levels, and the remaining ~26k ETH represents potential future cover flow trackable via the linked wallets. Source: @EmberCN on X; DeBank profiles above.

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).

According to @CoinbaseIntExch, the exchange is set to launch regulated perpetual-style futures contracts for Bitcoin (BTC) and Ethereum (ETH) in the U.S. starting July 21. These CFTC-regulated instruments will trade on the Coinbase Derivatives Exchange and are structured as five-year futures that mimic perpetual swaps via a funding rate mechanism, offering U.S. traders a new vehicle for 24/7 derivatives trading. In a separate bullish signal, Coinbase CEO Brian Armstrong confirmed the company is accumulating more Bitcoin weekly, adding to its nearly $1 billion BTC holdings. Furthermore, Coinbase Derivatives is collaborating with Nodal Clear to integrate the USDC stablecoin as collateral for U.S. futures trades, targeting a 2026 launch. This move, pending CFTC approval, would mark the first time a stablecoin is accepted as collateral in the regulated U.S. futures market, aiming to enhance capital efficiency for traders.