The on-chain trader pension-usdt.eth liquidated 11,700 ETH shorts over two days, crystallizing $20.47 million in losses as Ethereum rallied to $2,264, according to on-chain data.
The address had opened a 50,000 ETH short position worth approximately $82.36 million at a lower price, initially sitting on $4.35 million in unrealized gains. The 18.2 percent surge in ETH eroded that cushion and forced margin calls. After closing roughly 23 percent of the position, pension-usdt.eth still holds unrealized profit of $3.18 million on remaining shorts.
However, the address faces a $15.5 million floating loss on other leveraged bets: 1,000 BTC shorts ($77.5 million notional) and 20,000 additional ETH shorts ($48.7 million notional).
The liquidations reflect the mechanics of on-chain perpetual futures. As price moves against a short, collateral diminishes. Once equity falls below the maintenance margin threshold, the protocol force-closes the position. Pension-usdt.eth has a known track record including a 23-win streak, but leverage amplifies both wins and losses.
