Short Positions Drive High Profits Amidst Altcoin Correction

Recent data from Lookonchain reveals significant profits generated by high-leverage short positions amidst the downturn in the altcoin market. One address, having deployed a 25x leveraged short position on Ethereum ($ETH), along with 10x shorts on Pepe ($PEPE), Wif ($WIF), and Op ($OP), has seen a floating profit of $2.4 million within just four hours. This activity marks a significant turnaround for the address, which was inactive in the market for four years prior to this high-risk trading strategy.