33,000 ETH nearly break-even closed position, whale shifts to add 530,000 AXS long position

A significant whale operation has appeared on Hyperliquid. An address starting with 0x15df has closed 3,300 ETH short positions near the breakeven price over the past 10 minutes through 13 large buy orders, then immediately shifted some funds to increase AXS long positions. This strategic shift is noteworthy and may reflect the whale’s reassessment of market direction.

Key Data of the Closing Operation

According to Hyperinsight monitoring, the whale’s ETH short position closure scale and profit are as follows:

Analysis of the Closing Logic

This closing operation has several notable features:

• Near-Breakeven Closure: Although profitable, the $32,000 profit relative to the $9.98 million principal yields only a 0.32% return, indicating the whale chose to exit close to cost. This typically suggests a cautious stance on the market outlook, avoiding further risk.

• Large-Scale Dispersed Operations: Completing the closure through 13 buy orders instead of a single large order is a common practice among professional traders, reducing market impact and achieving a better average execution price.

Strategic Shift to New Positions

Current AXS Position

After closing ETH shorts, the whale allocated part of the funds to increase AXS long positions:

• Position Size: 530,000 AXS
• Position Value: About $1.42 million
• Leverage: 5x
• Current Unrealized Profit: Approximately $5,973
• Liquidation Price: About $2.107

Significance of the Strategic Shift

Switching from short ETH to long AXS reflects several possible judgments:

• The whale’s short-term bearish view on ETH has been confirmed, prompting profit-taking and exit
• A more optimistic outlook on AXS, willing to accept 5x leverage risk to participate
• Reallocation of funds between different positions, possibly based on a reassessment of risk-reward ratios

Risk Assessment of Current Positions

A 5x leveraged AXS long position warrants attention to several risks:

• The liquidation price at $2.107 implies AXS would need to drop about 36% to trigger liquidation (based on current cost basis)
• While there is some safety margin, 5x leverage is inherently high risk
• The unrealized profit of $5,973 relative to $1.42 million position is small; risk-reward ratio is not very favorable

Summary

This whale operation demonstrates the real-time decision-making process of large on-chain traders. Closing ETH shorts reflects caution, while increasing AXS longs shows confidence in certain assets. It’s important to note that whale actions often serve as market signals, but the success of this shift ultimately depends on subsequent market performance. For retail traders, the key is to understand the logic of big players rather than blindly follow their moves.