A large Bitcoin investor is reportedly still maintaining a massive short position on Bitcoin (BTC) despite facing unrealized losses of around $13 million as the market continues to climb.

According to on-chain data, a trader identified as “pension-usdt.eth” is shorting 1,000 BTC worth approximately $81 million using 3x leverage, with the position now under significant pressure after Bitcoin’s recent price rebound.

The position was originally opened when BTC was trading near $67,990, but with prices rising to the $81,000–$82,000 range, the trade has moved deep into loss territory.

Despite the drawdown, the trader has publicly confirmed that he is “still short,” insisting the trade structure remains valid.

The position faces full liquidation if Bitcoin reaches $100,810, a level that is now being closely watched by traders amid growing volatility in the crypto market.

Market data shows the trader also holds a separate short position in Ethereum (ETH), bringing total bearish exposure to more than $127 million.

While funding payments from the positions have generated modest gains, they are far outweighed by the unrealized losses.

Analysts note that Bitcoin is currently trading near key technical resistance levels, including its 200-day moving average and a rising wedge pattern boundary around $82,000–$82,500. A breakdown from this structure could increase downside pressure toward the $71,000–$72,000 range.

However, not all analysts agree with a bearish outlook. Some market observers argue that Bitcoin’s current structure is stronger than previous cycles, pointing to sustained exchange-traded fund (ETF) inflows and continued accumulation by institutional investors.

Prediction market data from Kalshi suggests traders are currently assigning around a 50% probability that Bitcoin could reach $100,000 in 2026.

As the market balances between bullish institutional demand and short-term technical resistance, the outcome of this large leveraged short position remains closely watched by crypto traders worldwide.