#数字资产动态追踪 The Profit Logic of Altcoin Shorts—From 120,000 to 40.7 Million in Position Expansion

Recently, there has been an interesting trading case in the market: an account that started shorting altcoins in November, with an initial position of $20 million, has now expanded to $40.7 million. The story behind this is worth analyzing.

Key Moves in Short Positioning

During the January 5 surge of PEPE, this account gradually built a short position of $120,000 within 2 hours, with an average price around $0.007. Although the position size seems modest, it demonstrates precise timing in capturing MEME coin volatility.

The bigger move was with LIT. Since LIT's launch, this account has continuously added to its short position, reaching a total of $11.2 million with an average price of $2.7. On the Hyperliquid platform, this account has become the largest short position holder in LIT, ASTER, and UNI.

Extreme Contrast in Profit Differentiation

Over two months, the accumulated profit reached $13 million, with a total return of $81 million for the year. Although today’s market rally reduced floating profits by $800,000, there are still $4.5 million in floating profits in the account.

The most painful comparison is with a benchmark account—similarly positioned during the same period, with similar tokens, but choosing to go long. This account’s holdings dropped from $25 million to $2.33 million, with a total loss of $42.7 million for the year. The same market, same tokens, one made $81 million, the other lost $42.7 million.

What does this reflect? The altcoin market itself is highly volatile, and the choice of long or short strategies can lead to extreme divergence. Coupled with the fact that leading traders on certain platforms have accumulated enough positions to influence the market, it becomes a comprehensive contest of information, timing, and risk management.