Data: A certain long-term hedge arbitrage giant has turned to a unilateral bearish position, with a total short position size reaching 34.9 million USD

According to monitoring by Hyperinsight, the whale address starting with 0xcac has recently undergone a significant shift in its holding structure.

Previously, this address engaged in neutral arbitrage operations for a long time, earning the funding rate difference by selling BTC spot and closing short positions, or buying spot and increasing short positions. After the BTC price fell below $73,000, it began to increase short positions unidirectionally and no longer hedged. Currently, it still holds about $11 million in ETH and BTC spot, while the total scale of short positions has expanded to $34.9 million.

Its main positions are 20x BTC short: the position size reaches $15.7 million, with an average price of $89,900, an unrealized profit of $4.3 million (548%), and a funding rate settlement recorded at $1.76 million. 10x HYPE short: the position size reaches $11.8 million, with an average price of $33.6, an unrealized loss of $450,000 (-38%), and a funding rate settlement recorded at $350,000. 20x ETH short: the position size reaches $7.04 million, with an average price of $4,011, an unrealized profit of $6.64 million (1886%), and a funding rate settlement recorded at $1.35 million.