Initial Position Suffers Huge Unrealized Loss
According to on-chain monitoring by Lookonchain, the Ethereum address pension-usdt.eth shorted both Bitcoin (BTC) and Ether (ETH) about two months ago (early April 2026). At the time, the crypto market was on an uptrend, and the short positions quickly fell into severe unrealized losses, with the peak paper loss exceeding $20 million.
ETH Short Turns Profitable First
Recently, ETH prices began to decline, and the address's ETH short position moved into the green for the first time. Five days ago, the address seized the opportunity, closing the entire ETH short for a realized profit of $1.13 million.
BTC Short Joins the Rally
As of now, the address still holds 1,400 BTC in short positions, valued at approximately $97.15 million at current market prices. With BTC showing a concurrent decline, this position has also turned profitable. The reversal marks a full turnaround for pension-usdt.eth's short strategy—from a peak unrealized loss of over $20 million to complete profitability.