Short position profit of $2.75 million. How did this giant whale's $22.3 million record come to be?

Whale “pension-usdt.eth” strikes again. According to the latest news, this address has fully closed its short position on ETH with 3x leverage after profit-taking, locking in $2.75 million this time. More notably, the total profit accumulated by this address has reached $22.3 million, which is quite a remarkable achievement among on-chain whales.

Breakdown of Trading Details

Core data of this position closure

• Profit from closing: $2.75 million
• Operation type: 3x leveraged short position closed
• Total profit: $22.3 million
• Monitoring source: Onchain Lens

This transaction occurred amid downward pressure on ETH. According to the latest data, ETH’s current price is $3,121.63, down 3.99% in the past 24 hours. The whale’s shorting and profit-taking in such a market environment indicates a very precise grasp of market timing.

The deeper meaning of profit-making ability

An address that can accumulate over $22.3 million in profit in a short period reflects several key characteristics:

• Strong timing ability: Able to open short positions at critical points and close them at the right moments to lock in gains
• Risk management awareness: Although using 3x leverage, it did not over-leverage, maintaining a relatively cautious stance
• Consistent profitability: Not a one-time lucky event, but the result of multiple operations accumulated over time

Market Opponent Observation

Tug-of-war between bulls and bears

Interestingly, while pension-usdt.eth profits from short positions, other whales on-chain are also making opposite moves. According to related reports, a whale deposited $12.5 million USDC into HyperLiquid, preparing to open a long position of 3,500 ETH (about $11 million) in the $3,190–$3,215 range. Such opposing positions are quite common in the current market.

Leverage usage comparison

• pension-usdt.eth: 3x leverage short, profit-taking
• Other whales: 20x leverage Bitcoin longs, ultimately cutting losses of $3.77 million
• Yet another whale: held Bitcoin longs for two months and then reversed to short

These comparisons show that higher leverage does not necessarily mean higher returns; in fact, it entails greater risk. pension-usdt.eth’s choice of a moderate 3x leverage may be a key reason for its sustained profitability.

Market Insights

Participant observations

1. Direction judgment is more important than leverage: Correct market direction combined with reasonable leverage is more stable than blindly chasing high multiples
2. Timely take profit matters: pension-usdt.eth closed all positions after profit, embodying the old adage “greed is the root of all evil”
3. On-chain whales are not gods: Even those with a profit of $22.3 million have accumulated their gains through multiple operations, not instant success

Summary

pension-usdt.eth’s $22.3 million profit record is essentially a combination of precise timing, moderate leverage, and timely profit-taking. The $2.75 million close this time is just a microcosm of its long-term strategy. In the current environment where ETH faces downward pressure and fierce bull-bear battles, such operational strategies are worth noting—focusing not on maximum returns but on stable, sustainable profits. This may be the key difference between professional traders and retail investors.