On-chain data tracked by Lookonchain reveals that address pension-usdt.eth established short positions in BTC and ETH approximately two months ago. As the crypto market continued its upward trend, the shorts suffered heavy losses, with peak unrealized losses exceeding $20 million—drawing sustained attention from market participants.
Recently, as the market corrected, the ETH short turned profitable five days ago and was promptly closed for a gain of $1.13 million. The well-timed exit not only locked in a solid profit but also highlighted the whale's dexterity in navigating market swings, reinforcing confidence in the overall strategy.
At present, the whale still holds a 1,400 BTC short position valued at $97.15 million. Once deep in the red by millions of dollars, this position has now completely erased its losses and moved into the profit zone. The turnaround marks a significant victory for pension-usdt.eth's bearish bet, transforming a once-precarious position into a profitable one.