Recently, that "Strategy Opponent Address" in the market has taken action again. This old rival first took a contrarian position when Strategy kept increasing its Bitcoin holdings, once becoming the largest short position on a major derivatives platform with a Bitcoin short position worth $120 million.

This time, they first liquidated $413 million of long positions, taking a profit of $14.5 million. Not long after, they immediately opened a 20x leveraged position to target the market. They simultaneously bet on the three main cryptocurrencies—Bitcoin, Ethereum, and SOL—resulting in a total short position of $35 million.

This repeated switching of positions indeed reflects differing short-term market expectations. The movements of large traders often provide retail investors with some insights; while it’s not necessary to follow their lead, observing such on-chain activities can help understand subtle market changes.