A trader who bet against the second-largest digital asset by market cap was liquidated as Ethereum (ETH) shot past the $4,200 price tag.

In a new thread on the social media platform X, the crypto analytics firm Lookonchain notes that with the top altcoin breaking the $4,200 barrier, one trader was hit by a series of liquidations after missing the mark on short Ethereum positions, leaving them with millions of dollars in losses.

A short position in trading is when someone bets that the price of an asset will go down to profit from the decline.

Lookonchain details how trader 0xcB92 shorted ETH and went from