Huyền thoại Short ETH lãi 81 triệu USD - Khi đi ngược thị trường mang về vàng

A lone trader has just announced a shocking achievement on decentralized exchanges: accumulating a massive asset portfolio worth $81.25 million USD simply by consistently Short ETH for over 2 years. Known in the crypto community as ETHMegaBear, this legend proves that sometimes going against the market trend is the true path to success. While other investors cheer for the Bull Run, he quietly builds his empire through bold decisions and unique strategies.

The enormous position hanging on a razor’s edge

As of now, this legend has no plans to exit the trading arena. Instead, ETHMegaBear is maintaining a massive Short position that challenges the entire market. The position size reaches 30,582 ETH, equivalent to a contract value of $88.62 million USD, opened at a price of $3,116.99. Despite constant market fluctuations, the unrealized PnL shows a profit of up to $6.7 million USD, making each day potentially another day of increasing profits.

From 50x leverage to patience - the secret of the legend

ETHMegaBear’s trading history shows a strategic journey. Initially, this trader used extremely risky leverage of up to 50x, generating huge profits in the early stages. However, instead of succumbing to greed and increasing risk further, ETHMegaBear made a wise adjustment — maintaining leverage at 25x from 2024 to the present. This decision reflects a valuable lesson in trading: survival and long-term perseverance are even more important than extreme bets.

Funding Fee - A passive gold mine generating $6.9 million USD

One of the factors behind ETHMegaBear’s greatness is the ability to leverage the Funding Fee mechanism on decentralized exchanges. When the market has too many Long orders and not enough Shorts, Long traders must pay fees to Shorts as a hedge. In this case, this trader earned nearly $7 million USD from positive Funding Fees (+$6.90M). This is not just profit from price declines but also a passive income from Long investors who are forced to pay — a natural market feedback mechanism. This shows that when you stand on the right side of the trend, even the market mechanism itself will help you profit.

The deadly risk lurking every day

However, despite impressive achievements, this legend is not out of danger. With 25x leverage, the Liquidation Price of the current position is at $3,864.43 — just about $1,754 away from ETH’s current price of $2,110. If ETH experiences a strong rebound, breaking the $3,865 mark, the entire position worth over $32 million USD of ETHMegaBear will be fully liquidated. High profits always come with high risks — this is the immutable rule of leveraged trading, and this legend is no exception, despite demonstrating risk management skills over more than 2 years of trading.