According to ChainCatcher, on-chain analysts have monitored an address that has been short BTC four times since March 2025, increasing its short positions to 1209.36 BTC (approximately $139 million). Additionally, a limit sell order of 22.05 BTC was placed 10 minutes ago in the $115,331 - $115,570 range.
The take-profit point for this address was set at [97,332 - 98,932] USD; however, because the position in this address has lasted for several months and the funding fees have already earned more than $8.35 million, it may be for hedging purposes.


