There has been an interesting phenomenon in the market these days. Major on-chain capital players have released astonishing data: shorting 798.73 BTC with 20x leverage, while going long 5626.42 ETH with 18x leverage to hedge, currently with an unrealized loss of $240,000.

It may seem like a contrarian move, but a closer analysis of the logic reveals—this is not a bearish market view at all, but a typical cross-asset hedging strategy. The core bet is quite clear: BTC is experiencing short-term consolidation with weak momentum, while ETH has significant room for fundamental recovery.

Let's first look at BTC. Above the key support level of $88,000, there is resistance like an iron gate at $94,253. The daily chart still shows a bearish arrangement, and institutional ETF net outflows last week reached $175 million in a single day, making short-term breakthroughs difficult. But ETH follows a completely different logic.

Since the recent Fusaka upgrade, L2 transaction costs have been cut by 40%-60%, and the total network TPS has surged to 34,468. Regarding institutional actions—JPMorgan issuing tokens, and BlackRock's BUIDL scale reaching $3 billion—these are all hard indicators. The spot ETH ETF assets have already accumulated to $28.6 billion, and on-chain whales have increased their holdings by over 800,000 ETH in the past 30 days.

Therefore, this hedging operation is essentially using BTC's short-term uncertainty to exchange for ETH's fundamental certainty. The unrealized loss is just part of the process; the bet is on a structural market trend.