Whale address 0xcac shifts to a one-sided bearish position, with short positions reaching $34.9 million.

According to Hyperinsight monitoring, the whale address 0xcac has recently shown a significant shift in its portfolio structure. Previously, this address had long engaged in neutral arbitrage operations, profiting from funding rate differences by selling BTC spot and closing short positions, or buying spot and increasing short positions. Since BTC price fell below $73,000, this address began to unilaterally increase its short positions. It currently holds approximately $11 million in ETH and BTC spot, with total short positions expanding to $34.9 million. The main positions include: a 20x leveraged BTC short position of $15.7 million at an average price of $89,900, with an unrealized profit of $4.3 million; a 10x leveraged HYPE short position of $11.8 million at an average price of $33.6, with an unrealized loss of $450,000; and a 20x leveraged ETH short position of $7.04 million at an average price of $4,011, with an unrealized profit of $6.64 million.