在多名巨鯨交易員不斷試圖抄底做多比特幣的同時，一位神秘巨鯨卻逆勢頑強做空：堅定持倉空單兩個月，不僅從價格回落中獲利，更靠永續合約資金費率輕鬆進帳 960 萬美元。
（前情提要：2025 巨鯨受難記：豪宅綁架、供應鏈投毒與被清算的數億美元）
（背景補充：「比特幣OG內幕巨鯨」加大ETH多單、減持BTC，鏈上資產仍逾57億美元）
在持續表現低迷的加密市場中，一名交易員 0x5d2 以堅定的做空策略吸引了市場關注。根據區塊鏈情報平台 Arkham Intelligence 披露的最新數據顯示，這位交易員自 2025 年 10 月底，就開設了一筆價值約 6,360 萬美元的 BTC 空頭部位，並堅持持有至今。截至 2025 年 12 月 24 日，這筆空單的累計實現及未實現盈利已達到 1,250 萬美元。
该巨鲸做空比特币获利 1,250 万美元
波段交易员 0x5d2 凭借一笔已持仓 2 个月的 BTC 空单，目前累计实现及未实现盈亏已达 1,250 万美元。他自 10 月底开始做空价值 6,360 万美元 的 BTC，并一直持有至今。
由于持仓时间极长，仅这一笔交易产生的资金费率收益就高达 960 万美元。此外，他还在 BNB… pic.twitter.com/fFNxI1HbzR
— Arkham ZH (@arkm_zh) December 24, 2025
同時，更引人注目的是，由於持倉時間極長，這筆交易僅僅從永續合約的資金費率中，就累積了高達 960 萬美元的收益。
永續合約的資金費率機制，是當市場多頭情緒強烈時，多頭需支付費用給空頭，以維持合約價格貼近現貨。也正是資金費率長期維持正值，才讓 0x5d2 這一長期空頭能夠穩穩收取「被動收入」。
不過值得注意的是，這位交易員在 BNB Chain 上還持有價值約 350 萬美元的 BTCB（價格錨定比特幣的代幣），顯示其部位並非完全裸空，可能有一定的對沖考量。
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