Within a week, more short positions have been opened, and the giant whale's 20,000 ETH long positions have already realized a profit of $4.55 million.

Whale pension-usdt.eth completed a shift from short to long positions in just one week. As Ethereum’s price broke through $3,300, this address’s 20,000 ETH with 3x leverage long position has already realized a profit of $4.55 million. What does this reflect? How can a savvy on-chain operator seize opportunities at market turning points.

Aggressive Moves by the Whale

Position size and profit status

• Position size: 20,000 ETH, approximately $66.43 million
• Leverage: 3x
• Average entry price: $3,097.74
• Current unrealized profit: $4.55 million
• Price increase since entry: about 7.2% (from $3,097.74 to $3,319.75)

The numbers tell the story: with leverage, in less than a month, this whale account’s long position has gained over $4.5 million. Although this accounts for a small proportion of the total $66.6 million position, in the fast-moving crypto market, this is already a significant gain.

Shift in operational logic

pension-usdt.eth’s main position before January 8 was a $63 million ETH short. After this short position was liquidated on January 8, the whale quickly closed the position and exited, then switched to a long. This change is quite interesting — from betting on decline to betting on rise, indicating a clear shift in this address’s market outlook.

According to relevant information, ETH has risen 7.09% in 24 hours and 1.53% over 7 days. In this upward trend, pension-usdt.eth’s long position layout just caught the right timing.

Decision-Making in the Market Context

Why go long now

From the timing perspective, pension-usdt.eth immediately switched to long after liquidating the short on January 8 — this is no coincidence. Based on monitoring data from other mainstream bullish whales like “BTC OG Insider Whale,” although they are experiencing unrealized losses, they still hold ETH long positions. The formation of this market consensus may be an important reference for pension-usdt.eth to change strategy.

Meanwhile, ETH’s performance from January 8 to January 14 also confirms this judgment. The price gradually rose from the low point after short liquidation, eventually breaking through $3,300, providing ample room for upside.

Meaning of leverage choice

3x leverage is not the most aggressive option but a relatively prudent risk-reward ratio. This reflects that pension-usdt.eth is bullish but has not completely abandoned risk considerations. In comparison, the operational strategy of this address shows some caution — not an all-in gamble, but a calculated position allocation.

Microcosm of On-Chain Ecosystem

This whale’s operation reflects a phenomenon in the current on-chain derivatives market: large funds quickly adjusting at market turning points. According to relevant information, other whales like “Strategy Counterparty” also added over $90 million worth of BTC longs on January 12, indicating that bullish forces are gathering in the market.

The shift of pension-usdt.eth may just be a microcosm of this larger trend. When an address holding tens of millions of dollars changes direction, it often reflects a shared market sentiment about the future.

What to Watch Next

Based on current trends, if ETH continues its upward momentum, the unrealized profit of pension-usdt.eth’s long position still has room to grow. However, it’s important to note that 3x leverage means a 10% price drop would risk 30% of the principal. While this address is currently profitable, the risk is also amplified.

Relevant information shows that there are also short forces in the market, such as “Strategy Counterparty,” which on January 13 significantly shifted to short positions, opening new shorts worth about $141 million. This indicates that market opinions on the future trend are not fully unified.

Summary

pension-usdt.eth closed its short position and shifted to a long position within a week, currently realizing a profit of $4.55 million. This reflects the quick adjustment ability of a savvy on-chain operator at market turning points. From a $63 million short to a $66 million long, this address demonstrates confidence in ETH’s continued rise through action.

But it also reminds us that high returns from leverage trading are often accompanied by high risks. When market consensus turns bullish, it is also the most concentrated risk moment. While pension-usdt.eth’s current unrealized gains look impressive, whether it can continue to maintain this depends on ETH’s ability to sustain its upward trend. This is why, even for large funds, constant vigilance is necessary in the crypto market.