King of Swing Returns: $53 million ETH short positions continue to increase, with a liquidation price still 1677 USD away

On-Chain prominent whale pension-usdt.eth re-entered the market on January 4th after experiencing a stop-loss exit a week ago and a 6-day “cooling-off period” during which AAVE was staked. The trader transferred $30 million to Hyperliquid and then established a 3x leveraged ETH short position. The current position size has reached $53 million, with an average entry price of $3,137, a liquidation price of $4,814, and ongoing position increases. Based on its historical position tendencies, the final scale may exceed $80 million.

Experienced Swing Trader

pension-usdt.eth’s performance on Hyperliquid demonstrates its trading strength. According to monitoring data, this address has profited about $1 million from swing trading in the past 30 days, with cumulative profits exceeding $21 million since October, completing approximately 70 trades with total profits of $21.84 million.

Its trading strategy has clear characteristics: low leverage, short-term operations, with an average holding time of only about 23 hours. This approach relies more on short-term volatility capture rather than long-term trend judgment. The main trading targets are BTC and ETH, occasionally involving other tokens.

From Stop-Loss to Re-Entry

It’s noteworthy to follow this whale’s recent trajectory. About a week ago (early January), pension-usdt.eth was stopped out of a short position, incurring a loss of approximately $3.41 million. Subsequently, it did not continue high-frequency trading but instead transferred funds into AAVE for staking, entering a roughly 6-day “cooling-off period.”

This operational approach reflects a mature trader’s risk management philosophy: after experiencing significant losses, actively reduce risk exposure and consolidate funds, rather than rushing to recover or increase leverage.

After this “cooling-off period,” pension-usdt.eth chose to re-enter. Starting from the initial position on January 4th (247.78 ETH, about $778,000), the address quickly increased its position, ultimately forming a $53 million short position at this point.

Key Data of This Position

A key feature of this position is the large gap between the liquidation price and the current entry average. From $3,137 to $4,814, there is a buffer of $1,677, meaning ETH needs to rise about 53.5% to trigger liquidation. For a 3x leveraged short, this risk management is relatively cautious.

Market Implications and Future Focus

pension-usdt.eth’s re-entry to short ETH reflects its short-term market judgment. As a swing trader with a high historical win rate, its moves often attract market attention.

However, it’s important to note that this address’s strategy is swing trading rather than trend trading. Even with a large-scale short position, it may adjust positions flexibly during short-term volatility rather than holding a long-term bearish outlook. This is evidenced by its average 23-hour holding cycle.

Key points to watch moving forward:

• Whether this address continues to add to its position toward the estimated $80 million scale
• ETH price performance around $3,137
• The take-profit or stop-loss levels of this address
• Reactions from other whales

Summary

pension-usdt.eth’s re-entry marks the comeback of an experienced swing trader after a short-term setback. Its $21.84 million profit and 70 successful trades demonstrate strength, but past performance does not guarantee future results. The current $53 million short position and ongoing accumulation are indeed noteworthy for the market, but it’s more important to understand the essence of its swing trading—short cycles, flexible adjustments, and risk management first.