Both are short selling BTC, but these two smart money traders are trading different market trends. Last night, Smart Money 0x9cc5... ab3d first completed a short-term trade with a long order of 50 BTC, and then quickly turned back, adding short positions in batches from $62878 to $63793. Current position: 250 BTC empty, valued at $15.94 million, average price $63322, floating loss of $104700 From the records of closed positions, this address has been trading almost exclusively BTC recently, with frequent long short switching and holding times ranging from tens of seconds to several hours. It is more like being in a trading range rather than establishing a long-term directional position. The hanging orders at this address also provide two clear boundaries: -$64336: Place a sell order for 50 BTC -$61680: Sell 250 BTC to buy The latter quantity is exactly the same as the current empty order. If the purchase is for a flat position, it can cover the entire position after the transaction is completed; But before the price hits, it is still just an intention, not a support. On the other hand, the logic of addresses 0x45d2... 4029 is completely different. The address holds a 269.4 BTC short position worth $17.18 million, with an average opening price of $77850 and a current floating profit of $3.79 million. According to tracking, the address was left vacant for $2.5285 million last night. On July 18th, 0x45d2 also shorted 126.8 BTC near $64090, worth $8.13 million. Overall, 0x9cc5 has a rhythm between $61680 and $64330, while 0x45d2 continues to increase exposure on a high floating profit trending short position. So, a more valuable signal than two smart money investors simultaneously bearish is that $63000 to $64340 is becoming an area where bears repeatedly increase risk. -If BTC rebounds to $64340 and the price continues to rise even after new sell orders appear, it indicates that bears are being absorbed; -If the price falls back to $61680, it depends on whether the 250 BTC buy order is still in place and whether it can truly slow down the decline after the transaction. Smart Money Direct: -High frequency trading BTC: https://www. ((aicoin.com))/zh-Hans/hyper-detail/0x9cc53c5af67fb83a16cc41f61e242bade875ab3d -Trend short BTC: https://www. ((aicoin.com))/zh-Hans/hyper-detail/0x45d26f28196d226497130c4bac709d808fed4029