Just saw a whale playing with fire, opening a $20.5 million ETH short position with 20x leverage.

This scale is already quite large, and with such high leverage, it's basically betting that Ethereum will decline; if the market moves in the opposite direction, forced liquidation is imminent.

The key point is that the liquidation price is set at $2,466, which acts like a ticking time bomb for the market.
As soon as ETH hits this level, the position will be forcibly liquidated.
I notice traders are all watching this level because once it gets close, the market could experience significant volatility and a surge in trading volume.

Using 20x leverage on such a large position amplifies both risk and reward several times.
If Ethereum really drops, this whale could make a lot of money;
but if the price bounces back up, losses will accumulate quickly.
The market's focus now is whether Ethereum will weaken and decline or be pushed higher by buyers to trigger the forced liquidation of this short.
Either way, such large leveraged trades tend to become market discussion points, given the amounts involved and the risks at play.