"Air Force Commander" frequently adds to short positions, with BTC short holdings surpassing $246 million.

OnChainDetective · 2026-02-28T19:10:15+00:00

The top BTC short position address on derivatives trading platform Hyperliquid, "Air Force Commander," initiated a new round of shorting at the end of January, expanding its position to $246 million. The BTC short position reached $122.9 million with an unrealized profit of $2.326 million. In addition, this address also established short positions in mainstream cryptocurrencies such as ETH and SOL, demonstrating a relatively stable performance, although small-cap coins experienced unrealized losses. This strategy reflects different risk assessments and management approaches among market participants.

OnChainDetective

2026-02-28 19:10:15

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According to BlockBeats, the top BTC short position holder on derivatives trading platform Hyperliquid, “Air Force Commander,” initiated a new round of shorting at the end of January. On-chain data shows that this address added 105.53 BTC to its short position within the past 20 minutes, increasing its short holdings to $246 million. This move indicates a continued deployment of bearish positions in the market.

Record High Short Positions in a Single Asset, BTC as the Main Carrier

Shorting BTC remains the “Air Force Commander”'s core strategy. Its current BTC short position has reached $122.9 million (40x leverage), accounting for about 50% of its total short positions. Notably, this position currently shows an unrealized profit of $2.326 million, indicating that this short strategy has yielded significant gains under the current market conditions. The use of high leverage amplifies the short exposure, reflecting a clear judgment of downside risk.

Diversified Short Positions Across Multiple Assets, Realized Gains and Losses Vary

In addition to BTC, the “Air Force Commander” has established short positions in other major cryptocurrencies such as ETH and SOL. The ETH short position (25x leverage) amounts to $99.76 million, with an unrealized profit of $2.887 million, demonstrating relatively stable performance; the SOL short position (20x leverage) is $9.98 million, with an unrealized profit of $107,700. Conversely, short positions in smaller tokens like HYPE and KPEPE show unrealized losses: HYPE (10x) with a loss of $495,800, and KPEPE (10x) with a loss of $47,900.

Risk Diversification and Concentration, Reflecting Market Judgments

Overall, this short portfolio reflects confidence in the downward trend of major cryptocurrencies while also exposing risk to smaller tokens. The higher leverage (40x for BTC, 25x for ETH) and larger capital allocation in mainstream assets contrast with the lower leverage (10x) and smaller scale in smaller tokens, indicating a layered risk management approach. This short strategy composition demonstrates differing market participant expectations regarding the risk-return profiles of various assets.

BTC1.59%

ETH1.72%

SOL3.73%

HYPE12.34%

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