BlockBeats News, March 17th, according to Hyperinsight monitoring, during this morning’s significant market rebound, the “Silver Ironhead Air Force” (0x61ce) simultaneously opened two positions in opposite directions: a 20x leveraged BTC long position and a 20x leveraged ETH short position, each with a scale of approximately $22 million, totaling $45 million, with the intention of betting on a weakening ETH/BTC exchange rate.
As of now, the BTC long position has an unrealized loss of $230,000 (-20%), and the ETH short position has an unrealized gain of $420,000 (+37%), resulting in an overall unrealized profit of $200,000 after offsetting each other.
Based on its historical operations, this whale often hedges its cryptocurrency positions against commodities (such as silver, crude oil) and tends to pursue a short strategy. This time, it may be betting on ETH experiencing a larger decline compared to BTC due to its higher Beta, in anticipation of a market correction, to harvest profits from the ETH/BTC exchange rate downturn.
