Due to today's altcoin rebound outperforming BTC, a whale known for its $50M BTC long position to hedge against altcoin downside suffered losses on both sides.

BlockBeats News, February 26th, according to Coinbob Popular Address Monitoring, the whale address starting with 0x939 currently holds approximately $24.8 million worth of BTC long positions, with a floating loss of about $1.01 million, and simultaneously holds a total of approximately $26.4 million worth of various altcoin short positions, involving 8 currencies such as ETH, XRP, ADA, all of which have fallen into a floating loss state today.

This holding structure may be a hedge strategy: with roughly equal long and short positions, betting that during a market downturn, altcoins with a higher Beta than BTC are more resistant to falling. During a previous market downturn, this strategy brought stable profits.

However, today the market has warmed up, with BTC rising by about 4.4%, and most altcoins showing a significantly stronger rebound (ETH up 8.3%, XRP up 5.9%, ADA up 10.7%). As a result, the whale's highly leveraged long and short dual positions are simultaneously under pressure, with overall losses expanding and daily funds withdrawing by over $600,000.

Due to altcoins' much faster "recovery" speed compared to Bitcoin, their hedge strategy is now facing asymmetric losses. If the market continues to heat up and altcoins continue to outperform BTC in terms of price increase, the whale's losses may further increase.

The whale had previously opened a large short position on the first day of Aster's launch, experienced a significant fund drawdown, and later liquidated the position with a stop-loss during the October 11th crash, after which it often opened large short positions with 40 times leverage. Recently, during a market turbulence phase, it attempted to pursue stable profits with a high-leverage hedge strategy.