On-chain whales add over $60 million in positions, with the opposing Strategy holding positions surging to $315 million

According to the latest news, the whale address known by the market as the “Strategy Opponent” has once again significantly adjusted its position today. In just a few hours, it increased its long positions by over $60 million, with the total holdings rapidly expanding from $250 million at 10 a.m. to $315 million. More notably, this former on-chain largest BTC short has completely reversed to a long position, currently holding long positions in 7 mainstream cryptocurrencies, becoming the largest BTC long on the Hyperliquid platform.

From Short to Long: The Whale’s Transformation

Today’s position adjustment details

This address completed a critical shift around 4 a.m. today. It cleared its previous ETH, BTC, and SOL short positions (profit-taking and closing), then immediately opened a 20x leveraged long position in BTC at approximately $90,600, and gradually added to other mainstream cryptocurrencies.

The position changes over the past 4 hours are as follows:

Additionally, it holds long positions in other mainstream coins like XRP, ZEC, with total scale expanding to $315 million.

Significance of the Whale’s Change in Stance

Since establishing the position in December last year, this address’s initial account size was only $20 million. In the first two months, it continuously increased short positions in BTC, ETH, and other major coins, once becoming the on-chain largest BTC short seller. Because its operational stance was completely opposite to that of the listed company MicroStrategy, which persistently bought BTC, the market nicknamed it the “Strategy Opponent.”

However, starting from last week, this opponent’s stance shifted 180 degrees—from bearish to bullish. Today’s substantial increase in positions indicates that this whale’s bullish outlook for the market has become quite firm. The total account value is currently about $36.25 million, an increase of over 80% from the initial $20 million.

Signals from Profit Data

According to relevant data, the total profit and loss of this address over the past day is approximately $5.78 million, and over the past month about $14.5 million. This suggests that the decision to switch from bearish to bullish has been validated by good returns over the past month.

The sustained positive returns have strengthened this whale’s confidence in adding to its positions. After establishing a long position in BTC at around $90,600, the current price fluctuates near $91,866, with the long position already showing an unrealized profit of $1.86 million. This rapid positive feedback may further reinforce its willingness to continue increasing positions.

How Should the Market Interpret This Signal?

Large on-chain whale position adjustments often represent significant market judgments. This address’s shift from extreme bearishness to active bullishness, along with continued position increases after the change, indicates a gradually strengthening bullish confidence in the recent market trend.

However, it is important to note that such large capital movements, while impactful, are not always accurate. Market participants should treat these signals as references rather than the sole basis for decision-making.

Summary

The “Strategy Opponent” has transformed from the on-chain largest BTC short to the largest BTC long on the Hyperliquid platform. This change alone is noteworthy. Today, it added over $60 million in new positions, with holdings surpassing $315 million, further confirming the whale’s bullish stance. The $14.5 million profit over the past month also suggests its judgment has been largely correct.

What to watch next is whether this whale will continue to add to its positions and how stable its holdings are. For market participants, observing such large fund movements can help understand big capital flows in the market, but final trading decisions should still be based on individual risk tolerance and investment strategies.