Whale’s 20x BTC Shorts Now $12.8M Underwater — Still Holding for Funding

Since March 2025 a single whale has opened four consecutive 20x BTC short positions and is still holding them. Over two months the position swung from an unrealized profit of $5.74M to an unrealized loss of $12.81M, while the trader collected $4.33M in funding fees.

I view this as a high-conviction, high-risk stance: the funding income cushions the pain, but 20x leverage means the position is vulnerable to sharp moves and squeeze risk if Bitcoin rallies further.

For the market, persistent large underwater shorts can indicate stronger-than-expected bullish pressure; it’s a useful signal to monitor liquidity and funding-rate dynamics rather than a direct trade trigger for most retail investors.