Lookonchain says the wallet closed its 1,400 Bitcoin short for a $3.32 million gain after a volatile stretch and is now sitting on an unrealized profit on a new leveraged Ether short.
Blockchain analytics account Lookonchain said wallet pension-usdt.eth closed a 1,400 BTC short worth $93.86 million for a $3.32 million profit. The wallet had earlier swung from more than $20 million in unrealized losses across Bitcoin and Ethereum short positions, and had already closed a previous Ether short five days earlier for a $1.13 million gain. Lookonchain also said the trader previously logged 21 consecutive winning trades with total profit above $36 million before opening a new 3x leveraged short on 50,000 ETH worth $92.68 million, which is now showing an unrealized profit of $1.07 million. Short positions can move quickly from paper losses to realized gains as crypto prices reverse, especially when leverage is involved.