BlockBeats report, March 19: According to Coinbob's Popular Address Monitoring, the "BTC Bull, Anti-Downturn Altcoin" whale (0x939) has recently re-established a BTC/HYPE hedging position: going long on BTC with a $29.4 million position at an average price of $70,562, while simultaneously shorting HYPE with a $19.7 million position at an average price of $39.
However, today the market declined, and BTC briefly retraced. Although HYPE also fell in tandem, it remained firmly above $40, with a significantly smaller pullback than BTC. This movement put pressure on both sides of the hedging position, as the long-side losses were not offset by the short side, resulting in a combined loss of approximately $700,000.
This address previously reduced its position using a similar logic, going long on BTC with a size of approximately $50 million while shorting eight other assets including ETH, XRP, and ADA—a strategy that proved effective, with total lifetime profits remaining around $37.1 million.