A certain long-term arbitrage address has shifted to a one-sided short position, with a total short position size of $34.9 million

BlockBeats News, March 10. According to Hyperinsight monitoring, the whale address starting with 0xcac has recently undergone a significant change in its holding structure. Previously, this address had been engaged in neutral arbitrage, selling BTC spot and closing short positions, or buying spot and adding to short positions to profit from the funding rate spread.

After the BTC price fell below $73,000, it started unidirectionally adding to its short positions without hedging. It currently holds around $11 million in ETH and BTC spot positions, while its total short position has expanded to $34.9 million. Its main positions are:

20x BTC Short: With a position size of $15.7 million, an average price of $89,900, a unrealized profit of $4.3 million (548%), and a funding rate settlement of $1.76 million.

10x HYPE Short: With a position size of $11.8 million, an average price of $33.6, an unrealized loss of $0.45 million (-38%), and a funding rate settlement of $0.35 million.

20x ETH Short: With a position size of $7.04 million, an average price of $4,011, an unrealized profit of $6.64 million (1886%), and a funding rate settlement of $1.35 million.