BTC ETH Many KOLs followed the trend and questioned James' hedging positions. Almost all KOLs who could say such words were those who did not engage in contract trading at all, except for Liang Xi, who was more motivated by jealousy; Next, I will prove through a series of data and trading knowledge that James does not have hedging, he is just a British version of Liangxi; 1： James' biggest source of profit is that he bet on the super trend of this round. His four multi order BTC, Pepe, Fartcoin, and Trump all had long holding periods, with the shortest being over 20 days and the longest being Pepe holding for more than 2 months. These four orders were rolled over from the bottom, earning a total profit of $55 million, with the highest profit being over $80 million. However, when all of them were closed, he ultimately earned a profit of $55 million; The next step is for him to lose all his profits from two months within a week. After May 25th, it is now the time when the big cake reaches its peak, because all traders have path dependence. During this period, he continued to go long and made breakthrough orders. At first, he continued to increase his position with high leverage when he broke through 110000, and later the high point became lower and lower. He continued to increase his position with high leverage every time he broke through 109, gradually wearing out his profit of over 50 million dollars within the 4% fluctuation range of the big cake; Many people began to suspect that James had hedging positions when he lost money, but when he started making more money from the bottom, there were few voices questioning. The reason is that when James made money, most people did not make any money, but when he lost money, most people also lost money. Therefore, the public unconsciously looks for external reasons from others, which is human nature; Because traders all have path dependence, James relied on long positions and rolling positions to get started this round. Even at 110000, he still looks forward to breaking through, but most retail investors are afraid to roll positions and go long at the bottom. They only start to gradually FOMO when they reach 110000, resulting in the common phenomenon of others missing out when they eat meat and encountering them all when they are beaten; 2： James' holdings are extremely exaggerated, ranging from around 500 million to over 1.2 billion. Based on the recent changes in holdings of the USDT perpetual contract trading pair with the highest liquidity on Binance, the liquidity of all centralized exchanges combined cannot be hedged by James. Therefore, it is impossible for James to have a long position on HyperLiquid and a short position on exchanges such as Binance; 3： Since the liquidity of centralized trading does not support James hedging, is it possible for him to open hedging positions on HyperLiquid? This type of hedging is feasible from a liquidity perspective, which means opening positions in two directions on the same exchange at the same time is equivalent to taking his own orders. No matter how much you open, it is mostly feasible; But those who have recently traded and monitored the market will find that when James goes long or flat, the market fluctuations will increase accordingly. When James goes long, he will quickly pull hundreds of points, and when he goes flat, he will smash hundreds of points. If he had a hedging position, it would not have caused such significant fluctuations; Moreover, the short positions on HyperLiquid during the same period as those monitored after engaging in post trading did not match James equally. There was only one large position address and James made a profit of over 10 million dollars by trading against him. However, this is far from James' loss of over 50 million dollars in profit. If we also include the over 20 million principal that was subsequently recharged, the difference will be even greater; Summary: Therefore, by reviewing James' operation process in the past two months, we can clearly see how he started rolling positions from the bottom and how he rolled them back and lost money. Profit and loss come from the same source, and path dependence is reasonable and common in leveraged trading. Liang Xi also experienced this situation recently, first earning tens of millions of dollars, and then losing everything back; Combined with the actual liquidity of the pancake contract market and real-time monitoring of changes in the market situation when James placed an order, James did not have hedging positions. He simply did not manage profit drawdown well, which is just a cool British version; @JamesWynnReal @liangxihuigui