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Many KOLs are questioning whether James has hedging positions, and those who can say such things are almost all KOLs who do not engage in contract trading, except for Liangxi, who is more motivated by jealousy;

Next, I will use a series of data and trading knowledge to prove that James does not have a hedge, he is just the British version of Liangxi;

1: James's biggest source of profit comes from betting correctly on this round's super trend. His four long positions in btc, pepe, fartcoin, and trump have all been held for a very long time, with the shortest being over 20 days and the longest being more than 2 months for pepe. These four positions were built up from the bottom, yielding a total profit of 55 million dollars, with the highest profit exceeding 80 million dollars, but ultimately he made a profit of 55 million when all positions were closed;

Next comes the time when he lost the profits of 2 months within a week. After May 25, it can now be seen as the time when the big pie was topping out because all traders have path dependence. During this period, he continued to go long and was making breakout trades, initially adding high leverage when breaking through 110,000, and as the highs became lower, he started adding high leverage again every time it broke 109, ultimately wearing down his profit of over 50 million dollars within a 4% fluctuation range of the big pie;

Many people began to question whether James had hedging positions when he was losing money, but when he was making money from the bottom, very few voices stood up to question him. The reason for this is that when James was making money, most people were not making money, but when he was losing money, most people were also losing money. Therefore, the public unconsciously looks for external reasons from others, which 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 FOMO when it reached 110,000, leading to the common phenomenon of missing out when others are profiting and getting hit when others are losing;

2: James's positions are at a very exaggerated level, basically starting from 500 million, with the highest reaching 1.2 billion. According to the recent changes in the liquidity of the USDT perpetual contract trading pair on Binance, the liquidity from all centralized exchanges combined cannot allow James to hedge, so it is impossible for James to go long on HyperLiquid and short on exchanges like Binance for hedging;

3: Since the liquidity of centralized trading does not support James's hedging, is it possible for him to open hedge positions on HyperLiquid? This kind of hedging is feasible from a liquidity perspective, meaning opening positions in both directions on the same exchange, which is equivalent to taking the opposite side of your own trade, and it is feasible regardless of how large the position is;

However, those who have traded recently will notice that when James goes long and covers his positions, the market volatility increases. When James goes long, the market rapidly rises by several hundred points, and when he closes his long positions, the market drops by several hundred points. If he had hedging positions, it would not cause such obvious volatility;

Moreover, from post-monitoring during the same period, the short positions on HyperLiquid did not match James's positions. There was only one large position address that profited over 10 million dollars against James, but this is far from the 50 million dollars that James lost. If we also consider the subsequent recharge of over 20 million principal, the difference becomes even larger;

Conclusion: Therefore, by reviewing James's operations over the past two months, we can clearly see how he rolled positions from the bottom up and how he rolled back down to lose. Profits and losses are from the same source and have path dependence, which is reasonable and common in leveraged trading. Liangxi also experienced this situation recently, first making tens of millions of dollars and then losing it all back;

Combining the actual liquidity of the big pie contract market and the real-time changes in market conditions when James opens positions, it is clear that James does not have hedging positions; he simply did not manage his profit drawdown well, just a British version of Liangxi;

@JamesWynnReal @liangxihuigui