On February 4, data from Coinbob Address Tracker revealed a top crypto whale has opened new short positions in BTC and ETH worth $56 million with 20x leverage. Both positions are currently underwater. Meanwhile, the whale placed additional ETH short orders valued at $6.2 million at price ranges between $2,400 and $2,440, which have not yet been filled.
Multi-layered Strategy Combines Shorts and Longs
Notably, during the recent rally in gold prices, the same trader opened a leveraged long position on PAXG (tokenized gold) worth $3.02 million with 10x leverage. The current portfolio breakdown is as follows:
- HYPE (5x Long): $49.67 million, average price $24.37, unrealized profit of $13.63 million (+137%)
- ETH (20x Short): $29.49 million, average price $2,207, unrealized loss of $930,000 (-64%)
- BTC (20x Short): $27.08 million, average price $74,467, unrealized loss of $737,000 (-56%)
- PAXG (10x Long): $3.02 million, average price $4,985, unrealized profit of $63,000 (+20%)
Portfolio Doubles Amid Strategic Hedging
Compared to yesterday's holdings of $50 million, the total portfolio has now exceeded $110 million. Although the unrealized profit on HYPE has dropped by $6 million, the whale's aggressive BTC and ETH shorts likely serve as a hedge against the massive HYPE long position. The trader remains the largest HYPE long holder on-chain.