The smart money has shifted from long to short! The judgment from the last post has been validated today: After closing 453.53 BTC, the smart money (0x50b3…9f20) stayed out of the market for just 2 minutes before using 20x leverage to go long on 213.65 BTC. The conclusion at the time was: this wasn’t an unconditional bottom-fishing move, but rather a tactical long position with a defensive mindset, cutting the position size in half. Looking at it now, that judgment was correct. 0x50b3…9f20 subsequently closed the 213.65 BTC position at $65,279~$65,303, locking in a profit of $29,800. This long trade was successful but didn’t evolve into a trend-following position. Afterward, their trading logic clearly shifted: instead of continuing to buy dips around $65,000, they started repeatedly shorting the rebounds. - Opened a short position of approximately 295 BTC near $65,000; - Shorted another 190 BTC near $64,100; - Closed 189.55 BTC of the short position near $64,051, and just 46 minutes later, reopened a 72.04 BTC short position near $64,042. At this point, the smart money’s direction has turned 100% bearish. This completes the observation loop from the last post: they acknowledged the short-term trading value in the $64,700~$65,200 range, so they went long for a mean reversion trade. But when the price later broke below that range, they didn’t continue to defend with more longs and instead shifted to shorting the rebounds. However, the current position isn’t a high-conviction trend short either. Their short position size has decreased from 295 BTC to 190 BTC, and then further down to 72 BTC. The direction is increasingly bearish, but the position size is shrinking, indicating that while they still see downside risk, the odds of chasing the short as prices drop are diminishing. The current marked price is $64,109, and this short position is at an unrealized loss of $4,948, with no clear price confirmation yet: - If it falls back to $64,042 and breaks through $63,977: the short thesis starts to play out; - If it stabilizes above $64,120 and recovers $64,300: this might just be another failed short-term attempt. Finally, a reminder: what’s truly worth tracking this time is how this smart money shifted from defending $65,000 to selling rebounds near $64,000, while reducing their position size to one-sixth of the original. Bearish? Yes. Heavy betting? Not really. Direct link to the address: https://www.(aicoin.com)/zh-Hans/hyper-detail/0x50b309f78e774a756a2230e1769729094cac9f20