After flattening 453.53 BTC, the short position lasted only about 2 minutes, and Smart Money (0x50b3... 9f20) used 20 times leverage to retrieve 213.65 BTC. First, let's take a look at the complete transaction path: one ⃣ On July 23rd from 09:24 to 15:14, he bought and opened four times from $65912, totaling 437.45 BTC with a nominal value of $28.7 million. two ⃣ On the same day from 17:34 to 18:59, when BTC rebounded to around $65690, he closed 403.27 BTC and kept a bottom position of 34.18 BTC, making a small profit and leaving. three ⃣ Subsequently, BTC fell and he did not chase short. Instead, he added 419.35 BTC around $65048, $64726, $64848, and $65025, bringing the total position to 453.53 BTC again. four ⃣ On July 24th from 04:17 to 06:53, he flattened all 453.53 BTC in 5 installments within the range of $65081 to $65177, achieving a profit of $38700. five ⃣ But just 2 minutes later, the smart money opened an additional 129.54 BTC and continued to add 84.11 BTC. At present, its latest position situation is: holding multiple orders of 213.65 BTC, with a nominal value of $13.8984 million, an average price of $65157.9, a floating loss of $22400, and a strong parity of $58593.86. This indicates that the previous bullish trend was not a reversal in direction, but more like an "inventory reset": first cashing out rebound profits, releasing margin, and then re establishing long exposure with smaller positions. It is worth noting that the reissued 213.65 BTC is only about 47% of the previous 453.53 BTC. The direction is still bullish, but the position has voluntarily halved, indicating that he recognizes the short-term trading value around $65000, but did not consider it as a confirmed trend bottom. To be precise, this is a high leverage tactical multiple order with defensive awareness, rather than unconditional bottom fishing. However, 'smart money' does not mean that one can blindly follow orders. The winning rate of this address in the past 30 days was as high as 82.46%, but the yield was -84.69%, with a loss of $8.5 million and a maximum drawdown of 88.85%. The simultaneous occurrence of high winning rate and huge losses indicates that it is likely a typical negative skewness strategy: most trades make small profits, while a few erroneous positions bear huge losses. The current account leverage is about 10.18 times, with a margin utilization rate of 50.88%. The new BTC long order itself uses 20 times leverage, and the fault tolerance is not high. So the real signal released by this set of trades is that there are large funds repeatedly trading and trying to defend against $64700~$65200, but the bottom has not been confirmed. Smart Money Direct: https://www. (aicoin.com)/zh-Hans/hyper-detail/0x50b309f78e774a756a2230e1769729094cac9f20