Crypto Whale Closes Short Positions and Opens Leveraged Long on Bitcoin

On February 24, a prominent crypto whale address, known as 'Strategy Counterparty,' closed its short positions on BTC and ETH, according to BlockBeats. The address, identified as 0x94d, had previously opened a $31.74 million ETH short position and a $13.58 million BTC short position two days earlier. Additionally, it established and closed a $40.74 million BTC short position within two hours today. Following these actions, the address initiated a leveraged long position on BTC with a 40x leverage, amounting to $11.97 million at an average price of $63,275. The address still holds $11.8 million in unused margin, and its profits over the past seven days have reached $2.85 million. Since December of last year, the address began building its portfolio with an initial account size of approximately $20 million. It gradually increased its short positions on major cryptocurrencies like BTC and ETH. Due to its trading strategy, which contrasts with the continuous BTC acquisitions by the publicly listed company MicroStrategy, the market views this address as a clear 'on-chain counterparty.'