$73.15 million whale hedge order: What does going long on BTC and short on the three major mainstream coins mean

A certain address has established a long-short parity position worth $73.15 million on Hyperliquid. According to on-chain monitoring, after depositing $5.106 million in the past 6 hours, the address immediately opened a $36.27 million BTC long position, while establishing $36.87 million in ETH, SOL, and AVAX short positions. The long and short positions are roughly balanced in value, indicating this is not a simple directional bet but a carefully designed hedging strategy.

Whale’s Hedging Logic

Why choose this combination

Looking at the position composition, the core of this whale’s strategy is: bullish on BTC’s relative performance, while bearish on Ethereum and mainstream Layer 1s. This approach makes sense in the current market context:

• BTC, as the market indicator, accounts for 58.56% of market cap, with the most liquidity, making it easier to build and close long positions
• ETH, SOL, AVAX are mainstream coins but tend to lag during BTC’s strong cycles
• The parity design means the whale’s real goal isn’t to earn absolute profit but to earn relative returns—specifically, to let BTC outperform these main coins and generate excess returns

Platform choice signals

The fact that this address executed the trade on Hyperliquid itself is a signal. According to the latest data, Hyperliquid’s trading volume in the past 24 hours reached $7.54 billion, ranking first among Perp DEXs, with a TVL of $4.33 billion and open interest of $9.07 billion. This platform has become the main battleground for institutional-level players.

Choosing large positions on platforms with the deepest liquidity and highest trading volume indicates this whale’s emphasis on execution efficiency and slippage control.

The Other Side of Market Sentiment

What does parity between longs and shorts imply

This hedging strategy reveals a subtle market signal:

According to related information, Hyperliquid’s open interest in the past 24 hours reached $9.07 billion, indicating high market participation. However, the ratio of open interest to trading volume (90.7 billion vs. 75.4 billion) suggests a relatively cautious market sentiment—participants are not aggressively leveraging but engaging more in swing and hedging trades.

Benchmarking with historical operations

From other cases in related information, this hedging approach is not unique to Hyperliquid:

• “pension-usdt.eth” has achieved over $21 million in cumulative profit since October through low-leverage, short-cycle swing trading
• Other whales are also employing similar long-short hedging strategies rather than unilateral bets
• This reflects a cautious attitude among institutional players towards the current market

Future Outlook

The subsequent performance of this hedging position warrants attention:

• Take-profit point: Although the news did not specify an exact take-profit level, similar operations (such as a super whale setting a $93,300 BTC take-profit) suggest this whale will likely set a clear relative profit target
• Position duration: Long-short hedges are typically short-term, expected to be adjusted within hours to days
• Market liquidity: If this position is closed, it could have a short-term impact on Hyperliquid’s trading depth and volatility

Summary

This $73.15 million hedging position reflects two core facts: first, institutional-level funds are relatively bullish on BTC but cautious about the overall market; second, Hyperliquid’s position as a leading Perp DEX has been established, with large-scale hedging operations executed on this platform. From market sentiment, this is not an aggressive bullish or bearish signal but a more mature participant employing a relative return strategy for refined operations. Future focus should be on whether such hedging strategies will become mainstream and their actual impact on BTC and main coin performance.