Due to today's altcoin rebound exceeding BTC in strength, a whale who had a 50 million long position on BTC that was more resilient to the altcoin's drop suffered a double loss.

BlockBeats News, February 26th, according to Coinbob Popular Address Monitor, the whale with an address starting with 0x939 currently holds about $24.8 million worth of BTC long positions, with a floating loss of about $1.01 million. At the same time, it holds a total of about $26.4 million worth of various altcoin short positions, involving 8 different currencies such as ETH, XRP, ADA, all of which fell into a floating loss state today.

This holding structure may be a hedging 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 bullish and bearish positions are simultaneously under pressure, the overall losses have expanded, and funds have withdrawn more than $600,000 in a day.

Due to the much faster "blood recovery" speed of altcoins compared to Bitcoin, their hedging strategy is experiencing asymmetric losses. If the market continues to warm up and altcoins continue to outperform BTC, the whale's losses may further widen.

The whale had opened a large short position on the first day of Aster's launch, suffered a significant fund withdrawal, then closed the position at a stop-loss on the 10.11 major drop day, and subsequently often opened large short positions with 40x leverage. Recently, during a market oscillation phase, they attempted to achieve stable profits through a hedging strategy.