On March 10, on-chain analytics revealed a major strategic shift by a historically neutral arbitrage-focused whale. Previously known for hedged, low-risk trading between spot and futures, this address has now abandoned balance in favor of aggressive directional bets.
From Hedging to Full Bear Mode
After Bitcoin dropped below the critical $73,000 level, the address ceased hedging and began aggressively building leveraged short positions. While it still holds around $11M in BTC and ETH spot assets, its total short exposure has surged to $34.9M—indicating a decisive bearish conviction.
Breakdown of Key Short Positions
- 20x BTC Short: $15.7M position, average entry at $89,900, currently up $4.3M (548% gain). Funding rate earnings total $1.76M, reflecting long-term, well-timed exposure.
- 10x HYPE Short: $11.8M position, average price $33.60, currently down $450K (–38%). Despite losses, funding income of $350K provides partial offset.
- 20x ETH Short: $7.04M position, opened at $4,011, now up $6.64M (1,886% gain). Funding revenue: $1.35M, showcasing exceptional timing in the bearish move.
This shift from risk-neutral arbitrage to concentrated shorting suggests growing skepticism about market sustainability at current levels, with the whale positioning for a deeper correction.