The Journey of the 'Ultimate Bear'
According to recent data, the 'Ultimate Bear' began shorting BTC in January last year. Although the first three attempts resulted in a combined loss of approximately $5.48 million, the most recent short position generated a significant profit. To date, this position has accumulated $9.94 million in funding rate gains, with over $55.6 million in contract profits, resulting in an annual profit of $65.5 million.
Position Changes and Strategy Insights
Since December 26 last year, the whale has not adjusted its position, indicating a strong conviction in its market outlook. Compared to the peak position value of $136 million in late October last year, it has gradually reduced its holdings by about $84 million. Importantly, the whale has not replenished its short positions after multiple profit-taking withdrawals, suggesting a shift in strategy from long-term shorting to periodic profit realization.
Current Position Status
Currently, the whale maintains a BTC short position with 20x leverage, valued at approximately $44.5 million. The average price is around $111,500, with a liquidation price of $106,600. The unrealized profit stands at about $11.2 million, yielding an impressive 505% return. This level of exposure reflects the whale's continued bearish stance on BTC's future trajectory.