A whale trader known as the “Ultimate Bear” has turned a year-long bearish campaign on Bitcoin into a massive win. According to on-chain tracking platform Coinbob, wallet 0x5d2 had stayed short BTC in the perpetual futures market for nearly a year. Its first three large short positions lost a combined $5.48 million, but the latest trade caught Bitcoin’s pullback and has now generated more than $65 million in total profit.
Three failed shorts came before the reversal trade
Coinbob said the trader opened four major BTC short positions starting in January 2025. The first three were placed during a strong rally in Bitcoin, when bullish sentiment remained dominant and repeated short squeezes hit the position. Those three trades together lost about $5.48 million. The trader did not switch sides. Even after repeated losses, the bearish view remained intact while waiting for a clearer correction in price.
20x short at $111,500 average entry turned sharply profitable
The reversal came with the most recent position. Data cited by Coinbob showed the trader opened a BTC perpetual short with an average entry of about $111,500 and used 20x leverage. As Bitcoin pulled back from late 2025 into early 2026, the position moved deeply into profit.
So far, the trade has earned roughly $9.94 million from funding payments, while gains from the contract itself have exceeded $55.6 million. Combined profit is now above $65 million. After three losing attempts, this trade has become a standout reversal in the derivatives market.
Position trimmed from $136 million peak, but bearish exposure remains
On-chain data also showed that the trader has reduced the position by $84 million from a peak exposure of $136 million recorded in late October last year. After taking profit, no new add-on positions were reported. Even so, the wallet still holds a BTC short worth about $44.5 million, showing that the bearish stance has not been abandoned.
The trade is another example of how extreme leveraged crypto positions can become. Staying against the trend can produce sustained losses and squeeze risk for a long period. Catching a large reversal, though, can expand returns at very high speed.