## On-Chain Big Players Show Their Skills: Bulls Continue to Suffer Losses, Bears Are Profiting Big

According to the latest on-chain data monitoring, the current market exhibits an interesting phenomenon of long-short divergence—some veteran bullish players are stuck in a quagmire, while aggressive short sellers are continuously harvesting profits.

### Bullish Dilemma: "(BTC Veteran Player" Funding Rate Has Lost $2.49 Million

The address with the on-chain nickname ")BTC Veteran Player" is currently facing a severe situation. The overall unrealized loss for this account is approximately $44.2 million, with the largest position being Ethereum ###ETH### long position. Currently, ETH is around $3.07K, with an average entry price of $3,147, resulting in an unrealized loss of about $36.84 million (-30%). Based on a total position size of $728 million, this position ranks first among ETH longs on Hyperliquid but is deeply trapped.

Adding to the woes, due to holding long positions for a long time, the funding rate settlement has accumulated a loss of $2.49 million, completely eating into part of the account’s profit potential. BTC longs and SOL longs are also in unrealized losses.

In contrast, the account "pension-usdt.eth," which also holds 3x leveraged ETH longs with a scale of $89.08 million, is in a relatively better unrealized profit state, currently about $75,000 in unrealized gains. This account has shown flexible strategy yesterday, reducing positions by 17% at ETH’s high point and then adding back about $15 million at the low point, demonstrating stronger operational discipline.

Bear Market Harvest: Short Sellers Earned $83.14 Million in Less Than Two Months

Contrasting sharply with the bulls’ struggles, the on-chain nickname "Ultimate Short" has recently achieved remarkable gains. This account has been continuously closing BTC short positions, with a closing volume of about $4.35 million yesterday, and a single-day profit of $1.17 million. The current BTC short position is about $43.81 million, with an unrealized profit of $12.02 million (548%), with a liquidation price set at $102,000.

Even more aggressive is the address "Shanzhai Air Force Leader," which focuses on multi-asset short strategies, holding short positions in about 13 tokens including ASTER, HYPE, UNI, and ETH, totaling approximately $22.74 million. In less than two months, through precise shorting, this account has already recorded profits of $83.14 million—an astonishing return in the current market environment.

This account remains the largest on-chain short in ASTER, with an average entry price of $1.19, while ASTER’s current price has fallen to $0.60, creating an unrealized profit of $2.74 million (371%). Recently, it has continued to close positions in ASTER, HYPE, and other tokens, fully closing 8 tokens.

Steady-Handed Subtle Operations: "Paul Wei" Earns $3,100 Monthly

Compared to aggressive players, the "Paul Wei" account adopts a more cautious strategy. Currently, BTC longs only account for 12% of its total $10,000 capital, with an unrealized loss of only 3.2%, with most funds kept in pending orders waiting for opportunities. Its BTC long and short orders are triggered within the range of $85,600 to $89,200. Since November 16, this account has accumulated a profit of $3,100 through this steady approach.

The contrast among these three types of players profoundly reflects the current market’s risks and opportunities—aggressive longs face ongoing funding rate pressure and unrealized losses, while precise short sellers are gradually realizing profits.