"Air Force Commander" Short Position Expands to $246 Million, BTC Shorts Dominate

BlockBeats News: In January of this year, the top BTC short position holder on the Hyperliquid platform, “Commander of the Air Force,” rapidly increased their short holdings by 105.53 BTC, expanding their overall short position to $246 million. The activity of this major short seller reflects the current market’s active bearish forces.

Multi-Asset Short Positions of the Major Short Address

“Commander of the Air Force” displays a diversified short portfolio across multiple cryptocurrencies, with the largest position in BTC. This address is shorting $122.9 million worth of BTC with 40x leverage, accounting for over 50% of its total short positions, and realizing a profit of $2.326 million on paper.

For Ethereum, the address maintains a $99.76 million short position with 25x leverage, with an unrealized profit of $2.887 million. In Solana’s ecosystem token SOL, the short position is smaller, holding $9.98 million with 20x leverage, and an unrealized gain of $107,700.

Stop-Losses and Loss Positions in Risk Exposure

It’s noteworthy that the “Commander of the Air Force” also holds positions with unrealized losses. Specifically, the short positions in HYPE and KPEPE are showing paper losses of $495,800 and $47,900 respectively, indicating that even top-tier short addresses cannot fully avoid market risks.

HYPE is the native token of the Hyperliquid platform, with a $8.72 million short position at 10x leverage; KPEPE is also held at 10x leverage with a $4.9 million short. These losses may reflect recent market reversals in certain tokens, exposing the risk of short positions.

Implications of Market Short Forces

Large short addresses often attract market attention because their positions can influence liquidity. The “Commander of the Air Force” continuously increasing their short positions in BTC is closely related to the current macro environment. The strategic adjustments of such top-tier short addresses are often key indicators for investors monitoring market sentiment shifts.

This address still holds the largest short position in the market. Its future actions—whether adding or reducing positions—are worth watching. The coexistence of unrealized gains and losses across different assets also reminds short traders to manage risk carefully, as a single-asset short strategy may not fully hedge against market rebounds.