#数字资产动态追踪 From a bearish perspective, the extreme divergence in the altcoin market

A trading account has recently been very active. On January 5th, within 2 hours, a short position was established on PEPE, currently holding $120,000 with an average price of $0.007. But that’s not all—after LIT was listed, continuous shorting began, with the position growing to $11.2 million (average price $2.7). On a major platform, it has become the largest short position among LIT, ASTER, and UNI.

Looking at the position size data, it’s even more impressive. Since November, the account has been shorting over 20 different altcoins, with an initial investment of about $20 million. Now, the total holdings have expanded to $40.7 million. Although today’s market rally increased unrealized gains, reducing $800,000, there are still $4.6 million in unrealized profits. Over the past two months, the account has earned $13 million, and for the entire year, it has already made a profit of $81 million.

The contrast becomes even more striking. During the same period, another account adopted a long strategy on a basket of altcoins with similar allocations. What was the result? Total holdings collapsed from $25 million to $2.33 million, with a loss of $42.7 million for the year.

What does this contrast indicate? The volatility of the altcoin and MEME coin markets is fundamentally on different scales. The gains and losses from long versus short positions can differ vastly. It also reflects that large positions in certain platform-specific coins have already exerted significant influence.