A significant on-chain action has attracted attention. A whale address simultaneously opened a $36.27 million BTC long position while also establishing equivalent short positions on ETH, SOL, and AVAX.

What signals does this combination of actions reveal? From a trading structure perspective, the BTC long combined with altcoin shorts typically indicates that traders are more confident in the medium-term outlook for BTC but are cautious about the overall altcoin market sentiment.

Especially shorting major altcoins like ETH, SOL, and AVAX, this reflects that the large holder believes these altcoins may face downward pressure. Once such large short positions are perceived by the market, it can easily trigger follow-on selling, creating actual selling pressure on altcoins. This is particularly prone to triggering a chain reaction during periods of relatively fragile market sentiment.

In other words, BTC remains relatively stable, while the altcoin sector needs to watch out for downside risks.