Trend Research conducted a similar ETH short operation back in November last year when ETH was over $3,000: by collateralizing USDC on Aave and then borrowing and selling ETH. In November last year, they shorted 66,000 ETH, which should have resulted in profits of $2448 million. After closing that short position, they then went long, ultimately accumulating a long position of 650,000 ETH. The outcome is something everyone knows—they lost $7.34 billion.