10·11 The mysterious whale who made nearly $200M by shorting is suspected to have returned with a new address to go long, only to get wrecked by the market Here are the three addresses: 10·11 core shorting address: 0xb317d2bc2d3d2df5fa441b5bae0ab9d8b07283ae Associated shorting address during the same period: 0x2ea18c23f72a4b6172c55b411823cdc5335923f4 Recent address going long on BTC and short on ZEC: 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9 These addresses have been grouped into Garrett Jin’s (@GarrettBullish) cluster by on-chain analysis institutions based on fund flows, but the exact control relationship is still disputed. So here, we’re only looking at public labels and on-chain activity. The third address became active this May. When it first appeared, it opened a long position of about 504 BTC, worth less than $40M. As BTC kept dropping, it kept adding to the position, now up to 1,268 BTC, pushing the long position to about $81.4M. Entry price: $76,117. Current unrealized loss: ~$15.15M. While holding onto BTC, it also has a short position of ~$17.38M on ZEC, entry price $444. Current unrealized loss: ~$2.83M. One bet on BTC going up, another bet on ZEC going down. But BTC is falling, ZEC is surging—getting wrecked on both sides Currently, the new address has an account value of ~$63.9M, perpetual positions nearing $100M, and unrealized losses of ~$18M. What’s crazier is that it doesn’t seem to be retreating—BTC went from 504 to 1,268 coins, doubling down on the position. The 10·11 playbook was to short early and make a name. This time, the playbook is heavy bottom-fishing and stubbornly holding through the pullback. Overlaying the operations of these three addresses on the K-line chart shows a stark contrast: the old address profited from shorting during the crash, while the new address kept adding longs as BTC dropped. Now the question is whether this is a big bottom-fishing move or an $80M attempt to catch a falling knife Source: AiCoin Smart Money On-Chain Data #Hyperliquid #BTC #ZEC #SmartMoney #AiCoin #OnChainAnalysis