On the afternoon of January 12th, a classic trading case was born in the crypto market.

According to on-chain data monitoring, an address (0x94d37) that once held the largest short position in BTC on a leading derivatives trading platform successfully cleared its PEPE long position through precise counterparty liquidation strategies. This operation directly earned a profit of $9,335, equivalent to over 65,000 RMB.

But what is truly astonishing is the overall performance of this address—the account has accumulated profits of $4.6 million, making it a "profit king" in the highly volatile recent market.

The operational approach of this address is even more noteworthy. It is not a novice account; during the process of building short positions in mainstream coins like BTC and ETH, it also simultaneously increased holdings in multiple other tokens. At its peak, the position size reached $120 million, and through this strategic layout on the derivatives platform, it became the largest holder of BTC shorts.

From switching to long positions in PEPE, precisely timing the liquidation, to single trades earning nearly $10,000, every step taken by this address reveals excellent market intuition and risk management skills. For many traders, this approach has become a "textbook" case for reference.

In this market cycle, large profit cases like this are relatively rare, making them even more eye-catching.