A trader known as 0x5d2 has profited $12.5 million from a Bitcoin short position initiated in late October 2025. The $63.6 million position capitalized on a funding rates strategy, earning $9.6 million in funding fees alone. Additionally, the trader holds $3.5 million in BTCB on BNB Chain, potentially as a hedge. This case underscores the potential of value investing in crypto through strategic short positions and funding fee accumulation.