This Whale Continuously Takes Profit on BTC Shorts, Locking in $10 Million from Funding

A major Bitcoin bear has been on an aggressive profit-taking spree, according to on-chain data from Coinbob Top Address Monitor. In a series of strategic moves, this large trader has continuously reduced its short exposure while cementing significant gains from funding rate settlements.

Strategic Position Reduction in Motion

Over the past six hours alone, the whale partially exited its BTC short position, realizing approximately $2.32 million in profits on a $5.46 million liquidated notional. More remarkably, since November this account has executed no fewer than five consecutive profit-locking operations at local market bottoms, each time stopping short of fully covering its bearish bets. The trader currently maintains take-profit orders positioned around $76,200, suggesting continued conviction in eventual downside pressure.

The scale of the reduction speaks volumes. Having peaked at a $136 million short exposure, the account has now trimmed its position by roughly $120 million. Today’s holding stands at approximately $8.6 million notional, carrying an unrealized gain of $3.65 million, translating to an extraordinary 850% return. The average entry price sits at $11,150, demonstrating just how early this trade was established.

From Swing Trading to Systematic Profit-Locking

What makes this activity particularly noteworthy is the apparent tactical shift. Since May 9th when this short position was initially established, the account engaged in multiple rounds of swing trading to capitalize on intraday volatility. However, recent activity paints a different picture—one of systematic reduction and profit crystallization rather than opportunistic trading.

This evolution from active wave-trading to continuous profit-locking suggests growing confidence in the position’s thesis. The address has already banked approximately $10 million from funding rate settlements alone, combining periodic funding payments with tactical short covering at favorable prices. Each move appears calculated, targeting local resistance levels to minimize slippage while maximizing realized gains on an increasingly concentrated bet.

As BTC currently trades around $72,940, the whale’s strategy continues to emphasize disciplined position management over aggressive accumulation, a pattern that increasingly defines sophisticated whale behavior in sustained bear markets.