A certain on-chain analyst recently detected an interesting phenomenon. A well-known Pippin short seller, "Mysterious Little K Line," is still holding their position, with unrealized losses exceeding $2.84 million. This story begins on November 22nd — they have been actively trading for 45 days straight. During this period, Pippin once dropped to $0.35, then rebounded to $0.4883. Since November 30th, this position has mostly operated under a negative fee rate environment, with funding costs continuously accumulating. Even more surprisingly, according to real trading data from a major exchange, this trader has accumulated a total loss of $4.945 million so far. To endure this long, they must either have confidence in the market or be deeply trapped. Behind such an extreme position, it reflects the intense volatility of the cryptocurrency market and the pressure short sellers face.