Recent on-chain insights reveal that a prominent crypto whale is gradually reshaping its derivatives exposure. Since January 13, the address (0x94d37) has been consistently unwinding its short position in SOL, signaling a cautious recalibration amid heightened market volatility.
Profitable Shorts Despite Market Bounce
Even after partial exits, the account maintains a substantial bearish bet—shorting approximately 353,342 SOL with 20x leverage, equivalent to nearly $48.9 million. Remarkably, it still holds $910,000 in unrealized profit per token, with total gains hovering around $1.003 million, underscoring the precision of its entry timing.
Strategic Bear Bets During Bullish Momentum
This trader has demonstrated a contrarian edge. While BTC and ETH rallied in recent weeks, the entity built sizable short positions across major assets. At its peak, it became the largest BTC short on the platform with a $120 million position and currently ranks as the second-largest bearish holder.
- Current SOL short: ~353K tokens ($48.9M)
- Leverage: 20x
- Per-token unrealized P&L: $910K
- Historical peak: Top BTC short on platform
- Current status: Second-largest BTC short
These moves reflect a disciplined, strategy-driven approach in turbulent markets. As sentiment shifts positive, the whale’s next steps could influence near-term derivative trends.