Accurate profit-taking! A $21 million BTC short whale perfectly escapes the peak, securing the profits!
【The main force of the bears takes profit and exits! 21 million shorts were closed at 69929, this signal must be taken seriously!】
Brothers, there’s another key action on-chain! A whale starting with 0x74d has just closed all 300 BTC short positions, with a scale of $21 million, and an average closing price of $69,929!
This short position was opened at an average price of $70,472, meaning he opened the short above $70,000, and now he takes profit at $69,929, making a profit of $543 per coin, with a total profit of about $160,000.
My interpretation and operational thoughts:
1️⃣ This is not an ordinary bear; it’s a “main force” bear. The scale of $21 million is considered a heavy position on Hyperliquid. He chose to take profit at $69,929 instead of continuing to hold down, indicating he believes the downside potential at this $70,000 position is limited.
2️⃣ Why take profit now? Two possibilities: First, he judges that $70,000 is a temporary bottom, and further declines are not cost-effective; second, he is concerned that a large number of bulls are entering to bottom-fish near $70,000, which could backfire on the shorts. Either way, it indicates that the “main force bears” are starting to retreat.
3️⃣ Significance to the market: The largest short holder has run away, and the selling pressure will be significantly reduced. If there are bulls to follow up next, BTC is expected to stabilize around $70,000, or even start a rebound.
4️⃣ In terms of operations, I will place a spot buy order near $70,000, with a stop loss below $69,500. If this whale subsequently reverses to go long, that would be a clearer signal of a trend reversal, and I will increase my position to follow.
Brothers, remember a rule: when the largest short begins to take profit, it often signifies the eve of a market reversal. Don’t wait until it goes up to chase!
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