Due to today's altcoin rebound, which far exceeded the impact on BTC, a whale that bet 50 million on BTC to outperform altcoins suffered losses in both directions

Feb 26 — Per Coinbob Popular Address Monitor (link: https://t.me/Coinbob_track_CN), the whale with an address starting with 0x939 currently holds ~$24.8M in BTC long positions, with a floating loss of ~$1.01M. It also holds ~$26.4M in short positions across 8 altcoins (ETH, XRP, ADA, etc.), all of which are now in floating loss today. This position structure likely reflects a hedging strategy: roughly equal long/short exposure, betting altcoins (with higher Beta than BTC) will hold up better in a market downturn. The strategy delivered steady gains during prior selloffs. However, today’s market rebound saw BTC rise ~4.4% — while most altcoins rallied far stronger (ETH +8.3%, XRP +5.9%, ADA +10.7%). This put the whale’s dual long/short positions under simultaneous pressure, expanding overall losses; its capital has shrunk by over $600k today. Since altcoins are rebounding faster than Bitcoin, the hedging strategy is incurring asymmetric losses. If the market continues to heat up and altcoins outperform BTC further, the whale’s losses could widen. The whale previously opened a large short on Aster’s launch day, suffering significant capital losses, then closed the position at stop-loss during the Oct 11 market crash. It has since often opened large short positions with 40x leverage. Recently, amid market volatility, it attempted to lock in steady gains via this hedging strategy.