Summary: Multiple Whales Accummulate, Analysts Mostly Advise Caution

BlockBeats News, March 3rd. Last night and this morning, Bitcoin led the crypto market to experience a brief rebound, followed by a quick fall. During today's afternoon pullback, multiple whales went long on mainstream crypto assets, including:

On Hyperliquid, the largest ETH long position added a long position on BTC. Currently, it holds 120,000 ETH and 550 BTC long contracts, 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 more BTC after BTC dropped below $68,000, and it has now completed a 3x leveraged BTC long position. The position size has reached $66.5 million, with an average price of $675,220, the current unrealized loss stands at $1.08 million (-4.8%), making it the largest on-chain BTC whale.

Despite the enthusiasm of whales going long, several institutional analysis viewpoints suggest that investors should remain cautious amid the unclear situation in Iran.

Garrett Jin, the agent of "BTC OG Insider Whale," posted on Platform X, stating that one should closely monitor the trends of crude oil, the US dollar index, and the U.S. 2-year/10-year Treasury yields and referred to this period as a typical time to exercise caution.

Andrei Grachev, a partner at DWF Labs, tweeted, "Last month, we stocked up on a lot of shitcoins, altcoins, Bitcoin, and BNB. Let's wait for the market to bounce back. You will see an unprecedented market activity."

Renowned scalper trader Honey (@honey_xbt) shared a BTC 4-hour candlestick chart, suggesting that Bitcoin has failed to break above the $70,000 resistance line in the previous four attempts and is currently making the fifth attempt. The chart indicates that though Bitcoin temporarily broke above this trendline last night, it has fallen back towards the trendline after the latest drop.

Bitfinex, on the other hand, is relatively bullish, stating that after the escalation of the situation in Iran, the funding rate briefly and significantly went negative, indicating that the market sentiment has hit rock bottom, with a relatively high percentage of short positions. Based on historical experience, if spot demand follows thereafter, such extreme conditions will create a short-squeeze rally.