Summary: Multiple Whales Long Mainstream Cryptocurrencies, Analysts Caution Investors

**March 3rd Crypto Update** Bitcoin led a brief rebound followed by a sharp drop across crypto markets overnight and into Thursday morning. Amid Wednesday afternoon’s decline, several whales ramped up long positions on major assets: - On Hyperliquid, the largest ETH long holder added BTC longs—now holding 120,000 ETH and 550 BTC long contracts, with a total position value of ~$277 million. - Two newly created wallets received 1,124.57 BTC (~$77.09 million) from BitGo at 1 PM ET Wednesday. - The address *pension-usdt.eth* (0x0ddf…) continued accumulating BTC after it fell below $68,000. It now holds a 3x leveraged BTC long worth $66.5 million, with an average entry price of ~$67,522. Unrealized loss stands at $1.08 million (-4.8%), making it the largest on-chain BTC whale long position. Despite whale bullishness, investors remain cautious amid Iran-related uncertainty, per institutional views: - Garrett Jin (agent for “BTC OG Insider Whale”) posted on X: “Watch oil, the U.S. dollar index, and 2-year/10-year Treasury yields. The market’s still in a risk zone—this is a typical period to stay cautious.” - Andre Grachev (DWF Labs partner) tweeted: “Last month we stocked up on shitcoins, altcoins, Bitcoin, and BNB. Wait for the rebound—you’ll see unprecedented market activity.” - Scalper Honey (@honey_xbt) shared a 4-hour BTC chart: BTC failed to break $70k resistance in four prior attempts; this is the fifth. It temporarily broke the trend line, but stability is unconfirmed. Bitfinex is relatively bullish: After Iran tensions escalated, the funding rate briefly turned sharply negative (signaling sentiment bottomed and shorts are elevated). Historically, if spot demand follows, such extremes set the stage for a rebound-driven short squeeze.