Due to today's altcoin rebound strength surpassing BTC, the large whale betting 50 million on BTC, which was more resistant to decline than altcoins, experienced losses in both directions.

On February 26, according to Coinbob’s hot address monitoring, a whale with an address 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 of which are currently in unrealized loss. 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 withdrawals exceeding $600,000. Since altcoins are recovering 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. The whale previously opened large short positions on Aster’s launch day, which suffered significant capital drawdowns, and closed them at a loss during the sharp decline on October 11. Since then, it has often used 40x leverage to open large short positions. Recently, during market volatility, it has been attempting to generate stable returns through a hedging strategy.