An interesting scene unfolded on the blockchain. A major holder recently engaged in hedging—shorting 6355 ETH with 25x leverage (worth approximately $20.27 million), with a entry cost at $3170.86; on the other side, they went long 99.8 BTC with 20x leverage (scale of about $9.23 million), betting on both sides simultaneously. It sounds balanced, but in reality, the account is already showing a unrealized loss of $135,000. What is the logic behind this operation? Is it betting on ETH to continue falling while BTC rebounds, or simply hedging risk? Based on leverage ratios and position sizes, the short position on ETH is significantly larger, suggesting that this whale may have a clear judgment on Ethereum's recent trend.