This smart money admits defeat, continuously cutting down on BTC long positions... Early this morning, smart money 0x469e…58a5 opened a 250 BTC long position at an average price of $63,514.9, while also increasing its ETH long position to 10,000 ETH. But they’re not betting solely on the crypto market going up. At the time, their portfolio still included 7,500 SP500 short contracts, 500.27 XYZ100 short contracts, HYPE and MU short positions, as well as SKHX, JTO, and PUMP long positions. The structure of their positions is clear: going long on crypto and AI storage, while shorting the broader market and some high-volatility assets. They’re trading relative strength rather than betting on absolute market direction. The problem is, both the long and short sides started losing money: - ETH dropped, resulting in an unrealized loss of $587,300 on the 10,000 ETH long position. - SP500 rose, causing an unrealized loss of $986,600 on the short position. What was originally meant to balance risk ended up dragging the account down on both sides. As a result, BTC became the first position to be reduced. Starting at 13:57, this address initiated a TWAP strategy, executing trades continuously for over 3 hours: 2,053 underlying matches, with a closing average price of $62,595.18, realizing a loss of $212,400. The latest position is down to just 14.82 BTC, a reduction of about 94% from the initial size. However, they haven’t fully reduced their risk yet. The account’s margin utilization rate is still at 95.38%, with unrealized losses of $1.416 million. Additionally, this smart money has placed 133 cumulative orders, all marked as reduce-only, primarily targeting JTO and PUMP long positions and HYPE short positions. So far, there’s no sign of an exit plan for ETH, and the SP500 and XYZ100 short positions remain intact. In summary: 0x469e is systematically exiting old positions while concentrating their main risk exposure on ETH. BTC, after a failed entry, has been quickly scaled down. Smart money direct link: https://www.(aicoin.com)/zh-Hans/hyper-detail/0x469e9a7f624b04c24f0e64edf8d8a277e6bf58a5