Whale's $413 million liquidation: From BTC's biggest short to a profit-taking master of the bulls

“Strategy Opponent Position” this whale address is once again making headlines. According to the latest news, this address closed a long position worth $413 million one hour ago, locking in a profit of $14.5 million in a single move. This is not just a simple take-profit; it demonstrates a whale’s skillful operation—flexibly switching between long and short positions and timing the market precisely. From once being the largest short position holder in BTC to now a master of longs, every step this address takes is worth paying attention to.

Position Closure Scale and Profit Composition

The scale and profit distribution of this closure are as follows:

From the data, BTC contributed the largest profit ($7.06 million), accounting for 49% of the total profit. ETH’s profit contribution is also significant ($5.4 million), accounting for 37%. This reflects a deeper positioning in mainstream coins by this address.

Transition from “Short King” to “Long Whale”

According to related information, this address (0x94d37) has a very special identity. It was once the largest short position holder on Hyperliquid for BTC, with a maximum holding of $120 million. But since December last year, this address’s trading style has undergone a dramatic shift:

• Shorts Fully Closed: Completely closed previous short positions in BTC, ETH, SOL, and other mainstream coins
• Reversal to Longs: Directly switched to long positions in BTC, ETH, SOL, etc., all using 20x leverage
• Continuous Additions: Started with an initial account size of $20 million, gradually increasing to a peak holding of over $350 million

This ability to switch between long and short positions is uncommon among on-chain whales. Most whales tend to stick to a single direction, but this address can adjust flexibly according to market rhythm, reflecting a profound market understanding.

True Reflection of Profitability

The $14.5 million profit this time is not accidental. According to related information, this address has an impressive historical performance:

• Total profit/loss in the past week: approximately $11.2 million
• Total profit/loss in the past month: approximately $14 million
• Even after this closure, the account remains in a floating profit state

In other words, even after closing $413 million worth of long positions, this address still holds other long positions, and the overall account remains profitable. This indicates that this is not forced liquidation or stop-loss, but active profit-taking.

Why Close Positions at This Time?

This is a question worth pondering. Based on the timeline:

• January 13: The address increased its long positions in ETH, SOL, and other coins, with total holdings rising to $233 million
• January 14 (1 hour ago): Closed $413 million worth of longs

The gap between increasing and closing positions is only about a day, which may reflect a change in this address’s short-term market judgment. Possible reasons include:

• Signs of a short-term market top
• New technical insights into certain coins
• Active profit locking (after earning $14.5 million)
• Freeing up funds or reducing risk exposure for future operations

Market Signal Significance

The reason this address’s operation attracts attention is its “benchmarking” role. According to related information, this address is viewed by the market as MicroStrategy’s “on-chain counterpart”—while MicroStrategy continues to accumulate BTC, this address switches between long and short positions.

When such a whale closes longs at a high level, it often indicates:

• Potential short-term market correction pressure
• On-chain major players managing risk
• A possible reevaluation of bullish sentiment

However, it’s important to emphasize that one address’s actions do not represent the entire market. This closure is just one dimension of market signals and should be considered alongside other factors.

Summary

The $413 million position closure by “Strategy Opponent Position” demonstrates the true face of a top-tier on-chain trader: not stubbornly sticking to a single direction, but flexibly switching according to market rhythm; not blindly adding positions, but actively harvesting profits at the right moments. While $14.5 million in profit seems huge, for this address’s overall scale, it more reflects solid risk management.

For ordinary traders, this address’s operation logic is worth learning: precise timing, flexible long and short positions, and timely profit-taking. For market observers, the next focus should be on this address’s next move—will it continue to short, or keep going long? Every large transaction on-chain could be a forecast of the market’s next trend.