Trader ‘Mk4’ Holds $12.15M Paper Profit on NEAR Long

The striking detail is not the size of Mk4's NEAR gain but the offsetting short book across major tokens, which reads as a relative-value bet on NEAR outperforming rather than a directional call on the market. That makes the position a useful real-time gauge of how concentrated conviction is rotating into a single altcoin while the trader hedges the broader complex. Because the profit is unrealized and already off its peak, whether the NEAR leg keeps outperforming the shorted majors — or the hedge starts working against it — is the open question worth tracking.