BlockBeats news, March 3: Last night and early this morning, Bitcoin led a brief rebound in the crypto market, followed by a rapid pullback. During today’s afternoon decline, several large holders bought major crypto assets, including:
On Hyperliquid, the largest long position on ETH has added new longs on BTC, currently holding 120,000 ETH and 550 BTC long positions, with a total position value of $277 million.
Two newly created wallet addresses received a total of 1,124.57 BTC from BitGo today at 1:00 PM, valued at approximately $77.09 million.
The address "pension-usdt.eth" (0x0ddf…) has consistently bought long positions after BTC dropped below $68,000 and has now completed a 3x leveraged BTC long position. The current position size has reached $66.5 million at an average price of $67,522, with an unrealized loss of $1.08 million (-4.8%), making it the largest BTC long whale on-chain.
Although whale bullish sentiment is strong, multiple institutional analyses recommend that investors remain cautious given the uncertainty surrounding the situation in Iran.
Garrett Jin, agent of the "BTC OG Insider Whale," posted on X that investors should closely monitor the movements of crude oil, the U.S. Dollar Index, and the U.S. 2-year/10-year Treasury yield, stating, "The market is still within risk parameters, but now is a typical time to remain cautious."
Andrei Grachev, partner at DWF Labs, tweeted: “Last month, we accumulated a significant amount of memecoins, altcoins, Bitcoin, and BNB. Wait for the market to rebound—you’ll witness unprecedented market activity.”
Renowned swing trader Honey (@honey_xbt) shared a BTC 4-hour K-line chart, suggesting that Bitcoin has failed to break above the descending trendline resistance near $70,000 in its first four attempts and is now making its fifth attempt. The chart shows that although Bitcoin briefly broke above this trendline last night, it has since retraced and is nearing a return to the trendline following the latest decline.
Bitfinex is relatively bullish, noting that after the escalation of tensions in Iran, funding rates briefly turned sharply negative, indicating that market sentiment had hit a bottom and short positions were heavily concentrated. Historically, such extreme conditions create the potential for a short squeeze if spot demand follows suit.