Some time ago, the large trader who opened a short position during the 1011 market flash crash hasn't had an easy time lately. According to on-chain data, this trader is currently under double pressure.

Let's first look at ETH. They hold 203,340.64 ETH, worth approximately $630 million, with an average opening price of $3,147.39. Since opening, they have a floating loss of $9.8 million, and this number is still changing. What's more painful is that they have paid over $5.4 million in funding fees.

Although the BTC position size is relatively smaller, it is also under pressure. They hold 1,000 BTC, valued at about $90.55 million, with an average opening price of $91,506.7. Currently, they have a floating loss of $957,000.

The SOL holdings amount to 510,000 tokens, with an overall floating loss of around $6.4 million.

This large trader's operations can be described as a classic high-risk, high-leverage strategy. It seems they attempted to hedge or profit from market volatility by shorting, but the current situation clearly did not develop as expected. The daily funding costs are like continuous bleeding, and combined with ongoing floating losses, holding such a short position long-term requires strong psychological resilience. This also indirectly reflects how difficult it is to accurately predict market turning points in the cryptocurrency space—even big players who understand market trends are not immune to pitfalls.