GMX platform giant whale immediately opened a short position of more than US $2.7 million after closing the long position of ETH and BTC

On February 14, it was reported that after the derivatives agreement GMX platform Jujing (0xe8c19db00287e3536075114b2576c70773e039bd) closed its long positions in ETH and BTC on February 11, it immediately opened 1000 ETH short positions with 9.7 times leverage, 35 WBTC short positions with 21.49 times leverage, and 300 WETH short positions with 12.8 times leverage. The address opened a short position of US $2.735 million on February 11, with a net value of US $2.575 million. The community speculated that the address might belong to Andrew Kang, CFO of MicroStrategy.

Interpretation of this information:

On February 14th, a report revealed that GMX platform Jujing closed its long positions in ETH and BTC on February 11th and immediately opened 1000 ETH short positions with 9.7 times leverage, 35 WBTC short positions with 21.49 times leverage, and 300 WETH short positions with 12.8 times leverage. The total short position amounted to USD 2.735 million with a net value of USD 2.575 million. The community speculates that the address belongs to Andrew Kang, CFO of MicroStrategy.

Interpretation:

The news is about a derivatives agreement platform called GMX, which claims to be the world’s first cryptocurrency clearinghouse. The trading platform was used by an address that opened a short position on February 11th, selling cryptocurrency worth USD 2.735 million. The address used 9.7 times leverage to take a short position on 1000 ETH units, and 35 WBTC units with 21.49 times leverage, and 300 WETH units using 12.8 times leverage.

It’s not clear why the address decided to take a short position, but it’s evident that the traders expected the market to move in a bearish direction. By opening a short position on these cryptocurrencies, the traders hoped to make a profit if the price of these cryptocurrencies decreased. If the traders are right, they could make a significant profit from the short position they opened.

The community speculated that the address belonged to Andrew Kang, CFO of MicroStrategy, a company that has been buying Bitcoin over the last year. The community believes that Kang’s experience in the cryptocurrency space may have enabled him to make the strategic trade.

In conclusion, the news report is about a short position opened by an address on GMX platform Jujing. The address used 9.7 times, 21.49 times, and 12.8 times leverage to take a short position on 1000 ETH, 35 WBTC, and 300 WETH units, respectively. The short position amounted to USD 2.735 million, with a net value of USD 2.575 million. The community speculates that it might belong to Andrew Kang, CFO of MicroStrategy.