According to @ai_9684xtpa, a BTC whale has executed four shorts since March 2025 and is still carrying a 20x BTC short that moved from a $5.74M unrealized profit to a $12.81M unrealized loss over roughly two months (source: @ai_9684xtpa). According to @ai_9684xtpa, the position has earned $4.33M in funding fees, and combined with prior timely take-profits, the whale retains more than $14.96M of profit cushion (source: @ai_9684xtpa). According to @ai_9684xtpa, these figures show funding income can offset part of adverse price moves but cannot prevent large drawdowns at 20x leverage, which is directly relevant for traders evaluating BTC perpetual short risk (source: @ai_9684xtpa).