Interesting trades are playing out on the chain. A wallet address recently deposited $5.106 million into a derivatives trading platform within the past 6 hours, immediately followed by a significant long-short battle.

Specifically, this trader has taken a $36.27 million long position on BTC, while simultaneously opening $36.87 million short positions on ETH, SOL, and AVAX. The numbers are quite interesting—the long and short positions are roughly balanced, with the entire position size totaling $73.15 million.

What does this kind of long-short positioning reveal? On one hand, it’s a hedge against risk; on the other hand, it indicates that this large holder has a bullish outlook on Bitcoin but is relatively cautious about the short-term trends of Ethereum and other major coins. Such a configuration is not uncommon during market volatility—balancing long and short positions to lock in profits or wait for clearer directional signals. It’s worth closely monitoring this address’s subsequent actions, as every move by a big player can often provide significant market insights.