BlockBeats News, March 3rd. Last night and this morning, Bitcoin led a brief rebound in the crypto market, followed by a quick fall. During this afternoon’s pullback, multiple whales went long on mainstream crypto assets, including:
On Hyperliquid, the largest ETH bull added a long position on BTC, currently holding 120,000 ETH and 550 BTC in long positions, with a total position value of up to $277 million.
Two newly created wallet addresses received a total of 1,124.57 BTC from BitGo this afternoon, worth approximately $77.09 million.
The address “pension-usdt.eth” (0x0ddf…) continued to accumulate BTC long positions after BTC dropped below $68,000, having now completed a 3x leveraged BTC long position. The position size has reached $66.5 million, with an average price of $675,220,000. The current floating loss has reached $1.08 million (-4.8%), making it the largest on-chain BTC bull whale.
Despite the enthusiasm of whale long positions, several institutional analysis views suggest that investors should remain cautious amid the uncertain situation in Iran.
Garrett Jin, agent of “BTC OG Insider Whale,” posted on Platform X, stating that attention should be paid to the trends of crude oil, the U.S. dollar index, and the U.S. 2-year/10-year Treasury yield, and claiming, “The market is still within a risk range, but now is a typical period to exercise caution.”
Andrei Grachev, partner at DWF Labs, tweeted, “Last month, we accumulated a lot of shitcoins, altcoins, Bitcoin, and BNB. Waiting for the market to rebound, you will see an unprecedented market activity.”
Renowned scalper trader Honey (@honey_xbt) posted a BTC 4-hour candlestick chart, implying that Bitcoin has failed to break the downtrend resistance line around $70,000 in the previous four attempts, with the current being the fifth attempt. The chart shows that although Bitcoin temporarily broke above this trend line last night, the latest price drop has brought it close to retesting the trend line.
Bitfinex, on the other hand, is relatively bullish, stating that after the escalation of the situation in Iran, the funding rate briefly turned significantly negative, indicating that market sentiment has hit rock bottom, with a relatively large percentage of short positions. Based on historical experience, if spot demand follows subsequently, such extreme situations will create conditions for a rebound-driven short squeeze.
