TH #交易复盘 # Unlocking Experience

The story of ETH long-short hedging and recovery during the 925 live broadcast, ultimately both turning red again

Looking back at the leveraged hedging operation on Ethereum during the 925 live broadcast, the results can be considered quite ideal. The initial short position, after executing Sanma Ge’s closing strategy, was basically break-even or slightly profitable, which prevented the entire hedging strategy from dragging down.

The turnaround process of the long position

The ETH long position was deeply trapped at the beginning, with the principal under pressure and a loss reaching 13,000U. However, the solution provided in the live broadcast room was quite strategic — although it didn’t fully restore the cost basis, it decisively sold about 20 ETH of the long holdings at the 4368 level. This move ultimately recorded a profit of over 3,000U.

From the position structure, the plan at that time was to reduce 30 ETH to hedge early risks, cutting a significant portion of the position at around 4000, and finally retaining 10 ETH to hold near 4000.

Overall effect of the long-short coordination

Interestingly, the final account performance of the entire long-short hedge was quite balanced. If the short side had followed the planned approach, it would have almost no losses; the long side achieved a turnaround profit at the 4368 take-profit point. Combining both sides, the account not only successfully recovered but also accumulated some positive gains during this process.

In hindsight, the 4368 take-profit setting was indeed very accurate. Some details might have been forgotten at the time, but now looking back, I truly understand the logic behind this price level — it provided enough buffer space and captured the key rebound point.