$ETH $BTC #Whale.Alert

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Abraxas Capital's spot hedging account has aggressively increased short positions in ETH and BTC by 10 times, now holding a total short position of 345 million USD in BTC and 291 million USD in ETH, but has already accumulated a loss of 82.64 million USD.

This is practically a model of counter-trend operation. While the market is booming with institutional inflow, they are stubbornly sticking to short positions, feeling like they are betting on the short-term fluctuations of the ETH ETF.

Combined with the previous whale's 73.66 million USD profit in long positions, the battle between shorts and longs is intensifying. In the short term, the volatility of BTC and ETH is expected to skyrocket.

Personally, I feel that if ETH breaks through the resistance at 3987, shorts may suffer significant losses. I recommend paying more attention to large on-chain transfers and preparing for a bottom-fishing opportunity.