BlockBeats message, April 7, according to monitoring by Hyperinsight, after Brent crude oil rebounded to above $110, the “Strategy counterparty” (0x94d) completely closed out the BRENTOIL long position in the $80 million-scale “long oil, short BTC” portfolio it held. Previously, the position size had reached $39.5 million, the entry average price was $100.8, and it recorded a profit of $3.71 million.
After closing the long crude oil position, the margin portion that will be released by the address will be used to add to BTC short positions at 40x leverage. The position size is raised to $49.92 million, with an average price of $69,137, and an unrealized gain of $420,000 (34%).
It is reported that this hedging portfolio was opened on April 1, when BTC had just briefly broken above the $69,000 high point, while both US and Brent crude oil had fallen back to below $100. Today’s closing may be intended to judge that the upside space for crude oil has become limited; the positioning has shifted from betting on the escalation of geopolitical conflicts to taking a one-sided bearish view of the crypto market.
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