The legendary story of the trader who shorted ETH and made $81 million - Still ongoing

In the exhilarating atmosphere of the Bull Run, when most of the market is cheering and rushing to go Long, there is a legendary figure who remains silent and steadfastly moves against the crowd. Known by the nickname ETHMegaBear, this trader has just publicly displayed their PnL chart, leaving a chaotic scene—a blazing blackboard showing a profit of $81.25 million USD. This path is not short, but the result of patience and relentless effort over nearly 2 years on the ETH Short battlefield.

From solitude to record-breaking profit: The unwavering ETH Short journey

This enormous profit did not come from luck alone, but from dedication and absolute loyalty to the ETH Short strategy on decentralized exchanges since 2024. What makes this legendary story even more dramatic is this trader’s trading style—always willing to accept risk by using extreme leverage. In the past, they challenged the 50x leverage, but now have adjusted down to 25x to keep this game going indefinitely.

Profit accumulation mechanism: Compound gains plus Funding Fee

The most interesting part is not just making money from price differences—that’s the basic part. This whale has understood a marvelous mechanism: when the market remains Long-heavy, Short traders like this will receive Funding Fees from the Long side. The current order book shows this amount at +$6.90 million USD—a sum earned as if the market is paying a fee for their persistent Short position. This is the double profit—gaining from price declines and benefiting from the market’s fee structure itself.

The giant Short position still ongoing: Not stopping yet

Currently, this legendary story shows no signs of ending. The trader is holding a massive Short position of 30,582 ETH, equivalent to a contract value of up to $88.62 million USD. The entry point for this order was at $3,116.99—a figure from earlier times. As of now, with ETH trading around $2.06K (based on the latest data), this position is still showing a profit of $6.7 million USD from the price difference.

Opportunities come with risks: Hidden liquidation shock

However, note that with 25x leverage, everything can change very quickly. The liquidation price for this position is set at $3,864.43—a level at which, if ETH recovers strongly beyond it, this legendary story could be wiped out in a catastrophic way. Currently, over $32 million USD could be lost. That is the dark side of large-scale numbers—risk and opportunity always go hand in hand, and no one can be certain when playing with high leverage. This story serves as a reminder of the fragile balance between ambition and caution in the market.