During the sharp decline in the crypto market, an on-chain trader used an extremely high leverage “rolling” short strategy to amplify a $3 million principal to $22.5 million within just one week. His aggressive operations and hidden risks have attracted significant market attention.
(Background recap: Ethereum rolling whale has returned! Going long ETH 25x, expecting a rally?)
(Additional context: $125,000 “rolling king” profits retraced again! Ethereum long position with unrealized gains of $6.16 million suddenly dropped to $1.13 million, online comments: doomed sooner or later)

Table of Contents

• High leverage rolling operations precisely betting on market decline
• Shorting five crypto assets simultaneously, nominal position over $330 million
• What is the “rolling strategy”? High returns come with high risks
• Market perspective: Extreme speculative method, not replicable by ordinary investors

According to the latest monitoring by on-chain analyst @EmberCN, an active trader on the decentralized perpetual contract platform Hyperliquid has achieved significant profits during the recent sharp downturn in the cryptocurrency market using a highly aggressive “rolling” short strategy, drawing market attention.

High leverage rolling operations precisely betting on market decline

The wallet address used by this trader is 0xd8351657…18fd7 (shortened as 0xD83…Fd7). Starting last week, he used an initial capital of 3 million USDC to enter the market, first shorting Ethereum with high leverage. Subsequently, during flash crashes of major coins like Bitcoin and Ethereum, he continuously converted unrealized gains into new collateral, expanding his short positions.

Within just a few days, his account equity rapidly grew from $3 million to $22.5 million, an increase of over 7 times, making it one of the most representative high-risk cases recently.

[Rolling trader 0xD83…Fd7] $300 initial capital of $2250 has become (, this is really crazy~😂

During the recent decline, he continued to add to his ETH short with unrealized profits, and also added a short position on PEPE.
Now he is short on ETH, BTC, HYPE, PEPE, XMR, totaling a position value of $332 million. pic.twitter.com/y205dxVeVs

— Ember )@EmberCN### January 21, 2026

Simultaneously shorting five crypto assets, nominal position over $330 million

Tracking data shows that this trader currently holds short positions on ETH, BTC, HYPE, PEPE, and XMR, with a total nominal position value reaching $332 million. Bitcoin is his main short, with about 40x leverage, entry price around $92,000.

In the latest market decline, he continued to leverage unrealized gains to add to his Ethereum short and opened a new short on meme coin PEPE, with an extremely aggressive trading rhythm.

What is the “rolling strategy”? High returns come with high risks

The so-called “rolling position” refers to traders who, when market judgment is correct, directly use unrealized profits as additional collateral to continuously open larger new positions, exponentially increasing overall exposure and potential gains.

Its advantage is that if the market direction is clear and sustained (like this decline), profits can generate a “snowball effect,” achieving multiple or even tenfold returns in a short period. In this case, $3 million quickly rolled into $22.5 million, exemplifying this.

However, the risks are equally high. Due to high leverage and liquidation prices close to market price, any reversal in market direction—even a short-term rebound—can trigger liquidation instantly, leading to total loss of funds. The community generally believes that such operations have low win rates and rely heavily on perfectly timing the trend.

( Market perspective: Extreme speculative method, not replicable by ordinary investors

Some market observers point out that this type of rolling position strategy is essentially a highly “degen” (extreme speculative) approach, suitable only for a very small number of traders with extremely high risk tolerance and precise market timing skills. For most investors, blindly copying such strategies is not only difficult to succeed but can also lead to significant losses amid high volatility.

In the midst of intense market fluctuations, this trader’s case serves as a reminder that while crypto derivatives offer high reward opportunities, they are also a battlefield of concentrated extreme risks. Caution and self-assessment are essential before operating.