BlockBeats News, February 26 — According to Coinbob’s hot address monitoring, a whale starting with 0x939 currently holds approximately $24.8 million in BTC long positions, with an unrealized loss of about $1.01 million. At the same time, it holds about $26.4 million in various altcoin short positions, involving 8 cryptocurrencies including ETH, XRP, and ADA. All are in a state of unrealized loss today.
This position structure may be a hedging strategy: with roughly equal long and short scales, betting that during a market downturn, altcoins with higher beta than BTC are more resilient. Previously, during market declines, this strategy provided stable returns.
However, today’s market has rebounded, with BTC rising about 4.4%, while most altcoins rebounded more strongly (ETH up 8.3%, XRP up 5.9%, ADA up 10.7%). As a result, the whale’s long and short positions are both under pressure, with overall losses increasing, and daily capital withdrawal exceeding $600,000.
Since altcoins recover much faster than Bitcoin, this hedging strategy is experiencing asymmetric losses. If the market continues to rebound and altcoins keep outperforming BTC, the whale’s losses could further expand.
This whale opened a large short position on Aster on its launch day, suffering significant capital drawdown, and closed the position at a loss during the sharp decline on October 11. Since then, it has frequently used 40x leverage to open large short positions. Recently, during market volatility, it has been attempting to generate stable returns through a hedging strategy.
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