On-chain data shows that on the morning of January 20th, as the market was declining, a seasoned trader added 510 Bitcoin short positions, totaling approximately $47.3 million, which expanded their total short position to nearly $200 million.

Specifically, the trader currently holds 1,073 Bitcoin short positions, corresponding to a position size of about $100 million. This short was opened at a price of $92,469, with a liquidation price set at $94,384, and currently has an unrealized loss of about $280,000. Meanwhile, their Ethereum short position is even larger—holding 31,093 ETH, also worth around $100 million. The Ethereum short was opened at $3,270, with a liquidation price of $3,246, and an unrealized profit of approximately $2.49 million.

Risks are worth noting. The distance between the Bitcoin short and the liquidation price is only a $1,600 buffer, while the Ethereum short is even closer to liquidation—only $56 remaining. This means that a slight market rebound could trigger forced liquidations of both positions, potentially amplifying market volatility.