This whale—after taking profit on the BTC short—immediately switches to a short ETH position, using 3x leverage to put down $7 million. Is this truly a sign of bearish sentiment, or is it just a rollover arbitrage trade?

CryptoWorld News reports that, according to Coinbob’s popular address monitoring, in the past half hour, the largest BTC short on Hyperliquid, “pension-USDT.ETH,” triggered take-profit. As of the time of publication, it has cumulatively reduced its position by 57 BTC, and the short position size has dropped to 1,343 BTC (worth approximately $90,000,000). The current unrealized profit is about $3.23 million. The address has redirected the margin released after closing the BTC short to open an ETH short, building the position with 3x leverage; the current position size has been increased to $4.6 million, with an average entry price of $1,879, and it is still continuously placing orders to scale in. This BTC short was opened on April 1, with an average entry price of about $69.4k; it has not reduced its position during that period. Last night, it first turned from loss to profit; prior to that, its size had at one point exceeded $100 million. As of today 08:17 (UTC+8), this whale has increased its ETH short to $7 million. Address: 0x0ddf…a9