#BTC #ETH

Many KOLs followed suit questioning whether James has hedging positions; those who can make such statements are almost all KOLs who do not engage in contract trading at all, except for Liangxi, who is more motivated by jealousy;

Next, I will prove through a series of data and trading common sense that James does not have any hedging positions; he is merely a British version of Liangxi;

1: James's largest profit source comes from correctly betting on the super trend of this round, with his four long positions in btc, pepe, fartcoin, trump all having an extremely long holding time, with the shortest being over 20 days and the longest being over 2 months for pepe. These four positions were built up from the bottom, totaling a profit of 55 million dollars, with the highest profit being over 80 million dollars, but ultimately when he closed all positions, he made a profit of 55 million;

Next comes the time when he lost all the profits from two months within a week, after May 25th, which can now be seen as the time when the big coin peaked, because all traders have path dependence. During this period, he continued to go long and was making breakout trades. Initially, he continuously added positions with high leverage when breaking 110,000, but as the highs kept getting lower, he started to continuously add high leverage positions every time it broke 109. Ultimately, he gradually wore down his profit of over 50 million dollars within a 4% fluctuation range of the big coin;

Many people began to doubt whether James had hedging positions when he was losing money, but when he was making money from the bottom up, few voices stood up to question him. The reason is that when James is making money, most people are not making money, but when he is losing money, most people are losing money too, so the public unconsciously looks for external reasons from others; this is human nature;

Because traders have path dependence, James made it this round by rolling long positions, so even when it reached 110,000, he still expected a breakout. However, most retail investors were afraid to roll long from the bottom and only started to gradually fomo when it reached 110,000; thus, it is common to see others eating meat while they missed out and others getting hit while they all got affected;

2: James's positions are at an extremely exaggerated level, basically starting from 500 million, reaching as high as 1.2 billion. According to the recent changes in the holdings of the USDT perpetual contract trading pair with the highest liquidity on Binance, the total liquidity of all centralized exchanges cannot provide James with the ability to hedge, so it is fundamentally impossible for James to have opened a long on HyperLiquid while shorting on exchanges like Binance;

3: Since the liquidity of centralized trading does not support James’s hedging, is it possible for him to open hedging positions on HyperLiquid? This type of hedging is feasible from a liquidity perspective, meaning that opening positions in both directions at the same exchange is equivalent to eating your own orders, and no matter how large the position, it is possible;

However, those who have recently traded and monitored the market will find that when James goes long and closes long positions, the market's volatility increases significantly. When James goes long, the market quickly moves up several hundred points, and when he closes long, it dumps several hundred points; if he had hedging positions, such significant volatility would not be possible;

Moreover, from subsequent monitoring, there were no short positions on HyperLiquid during the same period that matched James's; there was only one large position address that made over 10 million dollars as a counterparty to James, but this is far from the 50 million dollars in profit he lost. If we also account for the subsequent recharge of over 20 million dollars in principal, the gap becomes even larger;

In summary: By reviewing James's operations over the past two months, we can clearly see how he rolled positions up from the bottom and how he rolled back down, with gains and losses being two sides of the same coin, and path dependence being reasonable and common in leveraged trading. Liangxi also experienced a similar situation recently, initially making tens of millions of dollars and then losing it all back;

Combined with the actual liquidity of the big coin contract market and the real-time changes in the market when James opens positions, it can be concluded that James does not have hedging positions; he merely did not manage his profit drawdowns well, simply a British version of Liangxi;

@JamesWynnReal @liangxihuigui