"Strategy Counterparty" fully closed out 40 million long crude oil positions, shifting holdings from hedging to single-sided shorting in the crypto market
BlockBeats news, on April 7, according to Hyperinsight monitoring, after Brent crude oil rebounded above $110, the “Strategy Counterparty” (0x94d) fully closed its BRENTOIL long position in the “long oil, short BTC” portfolio worth $80 million. Previously, the scale reached $39.5 million, with an average entry price of $100.8 and a profit of $3.71 million.
After closing the crude oil long position, the address used part of the released margin to add to a 40x leverage BTC short position, increasing the position size to $49.92 million, with an average price of $69,137 and an unrealized profit of $420,000 (34%).
It is reported that this hedging portfolio was opened on April 1, when BTC had just briefly broken through the $69,000 high and both WTI and Brent crude oil fell below $100. The closing today may indicate that the upside potential for crude oil is considered limited, shifting the position from betting on escalating geopolitical conflicts to a one-sided bearish view on the crypto market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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