BTC's biggest short turns to SOL, whale's 20x leverage short position still floating with a profit of $910,000

According to the latest news, the largest BTC short whale on Hyperliquid, 0x94d37, has been continuously reducing its SOL short positions but still holds a 20x leveraged short position of 353,342 SOL (approximately $48.92 million), with an unrealized profit of $910,000 on a single coin, and a total unrealized profit of $1,003,000. Notably, during the period when Strategy was continuously increasing its BTC holdings, this whale opened short positions on mainstream coins such as BTC and ETH, creating an interesting market contrast.

Whale’s Trading Trajectory

Transition from BTC short to SOL short

This address 0x94d37 has a clear “shorting gene.” According to monitoring data, this address once held a position of $120 million, making it the largest BTC short on Hyperliquid. Although it has now fallen to the second-largest short, it remains actively involved in short trading of mainstream coins.

The shift from BTC to SOL short positions reflects the whale’s differing judgments on the trends of various coins. Especially in the context of Strategy founder Michael Saylor’s high-profile increase in BTC holdings, this whale continues to short SOL, demonstrating deep market divergence.

Current Position Risks and Rewards

While 20x leverage amplifies gains, it also magnifies risks. At the current SOL price of $138.45, the whale’s short position unrealized profit rate is approximately 1.86%. Although this yield seems modest, under high leverage, a rebound of less than 2% in SOL could lead to liquidation risk for the account.

Deeper Market Signal Implications

Attitude of reducing but not closing positions

The whale continues to reduce SOL short positions, indicating a gradual adjustment in its bearish outlook on SOL, but not a complete change. If it were fully bullish on SOL’s rebound, it would close the position directly; if it remains firmly bearish, it would not reduce the position. This “reducing but not closing” approach more reflects a cautious attitude, possibly managing high leverage risk.

Comparison with Strategy increasing BTC holdings

Related news shows that Strategy has increased its BTC holdings multiple times over the past week, most recently purchasing 13,627 BTC for $785 million. Meanwhile, this whale has been shorting mainstream coins during the same period, creating a stark contrast. This reflects differing market judgments on the trends of BTC and SOL: the bullish side (like Strategy) bets on BTC continuing to rise, while the bearish side (like this whale) remains cautious about coins like SOL.

Summary

The SOL short position dynamics of this whale reflect two current market characteristics: first, there is divergence in market opinions on the trend of mainstream coins, with participants holding opposite views; second, high leverage trading can amplify gains but also requires careful risk management. The whale’s reduction of positions indicates that even experienced large traders are cautiously responding to market changes. Watching whether this whale continues to reduce its positions and whether SOL can break through current resistance levels will be important references for market sentiment.