On-chain monitoring detected an interesting transaction. After a wallet deposited $5.106 million within 6 hours, it immediately executed an equal long and short strategy — opening a $36.27 million BTC long position while simultaneously selling $36.87 million worth of ETH, SOL, and AVAX shorts. The long and short positions are roughly balanced, suggesting it’s not simply a directional bet.

The timing is also quite interesting. At the moment this order was placed, the market looked like this: BTC down 0.63%, ETH down 0.88%, SOL dropped 2.03%, and AVAX fell 2.10%. The price declines among these tokens vary quite a bit.

From the transaction structure, this appears more like relative value arbitrage or volatility trading — aiming to profit from the relative performance of BTC compared to other major tokens, which are being viewed less favorably. The balanced long and short positions imply limited risk exposure, with the real profit potential lying in the relative performance differences among different tokens.

Such large, carefully designed hedging positions usually indicate that the holder has a clear view of the upcoming market structure. Will BTC continue to outperform? When will the other tokens bottom out? How the market unfolds next depends on how these questions are answered.