A major trader has drawn attention after betting $1 million on further declines across the broader altcoin market.

Cryptopolitan, a blockchain media outlet, reported on Monday that trader De Profit built a short position diversified across 100 altcoin names, betting that bearish conditions could continue in 2026.

The position allocates margin in the same way across individual names. It is designed to limit overall collateral losses to about 1 percent even if some positions are liquidated. De Profit did not disclose the exact list of names, but said he selected assets with weak fundamentals and multiyear downtrends.

De Profit voiced strong scepticism about the direction of the altcoin market. He said at least 90 percent of the market was in a "sustained downtrend" and saw a realistically low chance of a reversal. He also projected that if prices fall another 50 percent from here, most of the 100 positions would move into profit, making total gains of about $500,000 possible.

The trader's position also shows that bearish sentiment on altcoins is not limited to a personal view. De Profit is also reported to hold a $120,000 bitcoin short and an SPX short. That suggests he is taking a conservative view of the broader market. Still, he chose to split the altcoin shorts into smaller positions to avoid liquidation from unexpected price surges, given the high volatility and risks.

Some view it as still too early to say the altcoin season is completely over. As of April 2026, the Altcoin Season Index stands at 39, remaining in a neutral zone in which neither bitcoin nor other assets have established a clear advantage. Major altcoins such as Ethereum, Solana and XRP are also stagnant without a clear rebound.

Some influencers see an altcoin season as possible in 2026. Historically, altcoin bull markets have often formed when bitcoin dominance peaks and begins to fall. Other analysts see the current sideways move as an accumulation phase. Michael van de Poppe said this adjustment phase could be a "consolidation before a breakout."