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Bitcoin has recently continued to weaken, and the smart money in the market has long seen through the direction. According to on-chain data, a major holder (address 0x94d37) recently turned a profit on their short position on Hyperliquid—this guy used 10x leverage to short 1599.61 BTC, equivalent to about $144 million, opening the position at $91,331.6, with unrealized gains already reaching $2.1 million.
Interestingly, this whale is not only betting on BTC but also simultaneously holding high-leverage short positions on 6 altcoins, and these positions are also profitable. This multi-asset, high-leverage short strategy indicates how deep the big players' bearish outlook on the subsequent market trend is.