On-chain whale earning 22 million dollars a month: Revealing the hedging strategy of spot buy the dip + contract hedging.

[Block Rhythm] Recently, a tough character appeared on-chain.

There is an address starting with 0xcac, and the strategy is quite clever—using the left hand to buy the dip on BTC and ETH in spot, while using the right hand to short mainstream coins at a high position in contracts. This hedging operation is well understood: holding spot for a rise, and using contracts to hedge risks while still profiting from fluctuations.

The data is even more outrageous. This guy currently has a contract position size of 35.23 million dollars, with a total account floating profit of 9.9 million (the return rate is directly up to 502%). He earned more than 5.6 million just this week, and this month alone he has made a profit of 22.12 million. The key is that he has controlled his drawdown very tightly, with a maximum drawdown of only 3.7% this week—this mentality and risk control are impressive.

Let's see how he did it in detail: 20x leverage short BTC, $15.9 million position, floating profit of $2.8 million (351%) 20x short ETH is more powerful, with a position of 14.6 million directly earning a profit of 5.44 million (744% return) There is also a short position in HYPE, with a principal of 4.12 million earning 1.43 million.

After half a year, the combination of spot + futures hedging brought him a total profit of 10.65 million dollars, with 2.2 million dollars secured in a single month.

To be honest, this kind of play is not something ordinary people can learn—one needs to have precise judgment of the market and be able to withstand the psychological pressure of high leverage. However, the idea can be referenced: long-short hedging, using contract profits to cover spot costs, benefiting from both bull and bear markets.