Trader Eugene: Long on Bitcoin and some altcoins, now is the time to "buy the dip"

On June 23rd, as monitored by LookOnChain, Abraxas Capital has established two wallets on Hyperliquid with a 10x leverage to take short positions on BTC, ETH, and SOL. This is employed as a hedge for its spot positions, and the current total floating profit has exceeded $112 million.

On June 22nd, according to HTX market data, Bitcoin fell below $99,000, with a 24-hour decline of 4.43%.

On June 22nd, as monitored by Whale Alert, Tether Treasury minted an extra 1 billion USDT on the Tron network just 1 hour ago. In total, 2 billion USDT has been minted today. Tether CEO Paolo Ardoino stated that this was an authorized but unissued transaction, indicating that it will be utilized for the next issuance request and on-chain exchanges.

On June 22nd, Julio Moreno, the research director of CryptoQuant, stated that after a period of rapid growth and with the price approaching $112,000, Bitcoin is showing signs of cooling off. Spot demand is still on the rise but at a slower rate and is currently below historical trends. Whale and ETF Bitcoin purchases have been cut in half. The demand from new investors is also declining. In the futures market, investors have recently decided to take profits and are beginning to establish new short positions. If the demand remains weak, Bitcoin may find support around $92,000, which is a price level corresponding to traders' on-chain realized cost and is a typical support area during a bull market. If this support fails, the next support level may be around $81,000, close to the lower limit of traders' on-chain realized cost.

On June 22nd, according to on-chain analyst Ai Auntie (@ai_9684xtpa), whale AguilaTrades has completely liquidated a 20x leveraged short position in BTC and made a profit of $112,000.

On June 22nd, as monitored by Onchain Lens, the whale AguilaTrades has closed its long position in Bitcoin (with 20x leverage), resulting in a loss of $16.61 million in this transaction. Currently, AguilaTrades has opened a short position in Bitcoin (with 20x leverage), and the position value is $81.84 million. Overall, in the past three transactions, águila's cumulative loss has exceeded $32 million.