On May 13, 2026, according to AiCoin data, the short-term battle between BTC and ETH was ignited by two seasoned large accounts: on one side is the bearish Loracle.hl, who placed a short position of about 156 BTC with 20x leverage, having a notional value of about $12.66 million, which is just part of its total floating profit of over $41 million; on the other side is address 0x049b, continuing with a familiar 20x leverage, holding a long position with a notional value of about $80.08 million in BTC and ETH, backed by its historical realized profit of about $7.83 million and numerous multi-directional trading records. On-chain, the two are clearly oppositional: one bets on adjustments with a short position backed by floating profits, while the other engages in upward speculation with 17,410 ETH and 493.43 BTC long positions, while at the same time, the Norwegian pension fund giant KLP is increasing its stake in traditional equity channels, holding about 104,700 shares of Strategy stock, corresponding to about $20.5 million in market value, indirectly increasing its exposure to Bitcoin. The picture formed indicates a highly divergent short-term direction, but with long-term allocation demand still accumulating; high leverage gambling is more recorded on-chain as a structural gaming signal rather than a final judgment on BTC and ETH's one-sided trend.

Bearish Loracle.hl Bets on BTC Downward

In the increasingly tense standoff between long and short leverage, one of the bearish representatives, Loracle.hl, chose to continue betting downward. According to AiCoin data, it currently holds about 156 BTC in a 20x leveraged short position, with a notional value of about $12.66 million, which represents a considerable exposure in a single asset. This is not an isolated bet, but a continuation of its existing strategy, with total floating profits exceeding $41 million across all positions, including BTC, SNDK, and HYPE. The floating profit for the SNDK short position is approximately $648,000, while the HYPE short position shows a floating profit of about $2.3 million. Relevant materials indicate that it has recently employed a bearish derivative strategy across various assets, transforming "systematic shorting" into a clear visible track on-chain.

The 20x leverage combined with a seven-figure notional exposure makes Loracle.hl's BTC short position inherently magnifying price volatility in the current environment: even slight relative price changes can swiftly toggle between profit and risk, forcing such large positions to respond more frequently to market fluctuations. On the other side, during the same period, there is also a long structure betting on the rise of BTC and ETH with 20x leverage, making Loracle.hl's renewed short not only a continuation of personal style but also a signal of increased intensity of high-leverage betting. In the absence of more market data, this signal reflects more of a warming of structural gaming rather than a final pricing for BTC's one-sided trend.

High-Leverage Bull 0x049b Bets on BTC and ETH

According to AiCoin data, in stark contrast to the bearish Loracle.hl, address 0x049b is positioning itself with a significant high-leverage long on BTC and ETH. Currently, it holds about 17,410 ETH and 493.43 BTC with 20x leverage, with a total notional value of approximately $80.08 million, where the liquidation price for the ETH position is around $2,227.81 per coin, and for BTC, it is about $78,009.69 per coin. This implies that if the price falls to these levels, its entire long structure would face concentrated risk release.

Furthermore, according to AiCoin data, 0x049b has a history of habitually employing 20x leverage for multi-directional operations on BTC and ETH, accumulating approximately $7.83 million in realized profits, indicating that its past high-leverage plays have remained profitable overall. Now, this notional long position of $80.08 million both continues its established high-leverage style and links the accumulated past profits with current liquidation prices: if the market approaches the critical levels of $2,227.81 and $78,009.69, it will be forced to use the previously earned profits to cover this bet; if the market continues upward, it will further amplify profits beyond the existing $7.83 million, transforming 0x049b's account into a high-risk high-return yield curve around BTC and ETH.

Whale Long and Short Collide in the Derivative Market

According to AiCoin data, on the same BTC derivative market, Loracle.hl and 0x049b are almost positioned at completely opposite ends. On one side is Loracle.hl, continuing its bearish style with about 156 BTC in a 20x leveraged short position, valued at about $12.66 million, along with a total floating profit accumulated from previous short positions in SNDK, HYPE, and others exceeding $41 million; on the other side is 0x049b, transforming its account into a high-risk yield curve, holding 493.43 BTC in a 20x leveraged long position, several times the size of Loracle.hl's BTC position, with its BTC long position's liquidation price locked around $78,009.69, while the specific closing price for Loracle.hl has not been disclosed publicly, breaking the symmetry in risk exposure and leaving only nominal positions completely hedged against each other.

In such a high-leverage structure, their positions resemble a pair of magnified market springs: minor price fluctuations are sufficient to significantly alter each other's unrealized gains and losses; upward movement will quickly compress Loracle.hl's short buffer space, while downward movement may approach 0x049b's liquidation threshold, pushing previously accumulated profits toward taking passive losses. However, under the current premise where public materials do not provide actual prices or other derivative indicators, this whale collision remains merely a slice of structural gaming, rather than a trend guide for betting on one direction; it serves to remind the market that this is an environment of interval gaming surrounded by high-leverage sentiment.

KLP Increases BTC Exposure Through Strategy Stocks

Unlike the on-chain whales fully employing 20x leverage in derivatives, at the same time, one of Norway's largest pension funds, KLP, is betting on Bitcoin-related assets in a more "gradual" manner. Public materials show that KLP currently holds about 104,700 shares of Strategy stock, corresponding to a holding market value of about $20.5 million, increasing the equity position of such coin-holding companies to a scale that is significantly disclosed. It is important to emphasize that there is still uncertainty regarding whether Strategy refers to MicroStrategy and the precise path of stock changes, which can only serve as a clue waiting for further verification, not a predetermined conclusion.

For KLP, this is not a direct purchase of Bitcoin but rather a continuation of the traditional institutions' consistent approach: by holding stocks of coin-holding companies, it indirectly gains exposure to the profit and risk brought by Bitcoin price fluctuations. Such equity allocation naturally carries the time dimension of pension funds—evaluating returns over years, accepting short-term fluctuations in exchange for long-term exposure accumulation; meanwhile, on-chain presence of Loracle.hl, 0x049b, and other addresses using 20x leverage demonstrates a more short-cycle gaming focused on price ranges and liquidation thresholds. In the same market, these two distinctly different rhythms synergistically intensify short-term emotional fluctuations on one side while continuously providing observable institutional signals for the long-term demand profile of Bitcoin-related assets through a slowly increasing equity position.

Observations from Whale Gaming to Institutional Increases

According to AiCoin data, simultaneously, Loracle.hl places a bearish bet with about 156 BTC and 20x leverage, while 0x049b places a bullish bet with about 17,410 ETH and 493.43 BTC, also at 20x leverage. Both sides have impressive profit records, yet neither has disclosed specific motives, making the current emotional narrative around BTC and ETH derivatives resemble a publicly visible but hard to simply interpret whale showdown. For market sentiment, such structural large positions will amplify volatility concentrated around the liquidation thresholds of 0x049b's $2,227.81/ETH and $78,009.69/BTC, and in the absence of more data, they should be viewed more as a signal of the tug-of-war between long and short forces rather than as answers for trend direction. For ordinary participants, this risk amplification effect under 20x leverage hedging means that blindly following whale positions will often only lead to passive exposure to liquidation risks amidst volatility, rather than sharing in the so-called profits of "smart money"; what truly needs to be monitored is whether these addresses subsequently reduce positions, increase positions, or reverse, and whether institutions like KLP continue to increase Bitcoin-related exposure through holding about 104,700 shares of Strategy stock, as the combined changes in whale position adjustments and institutional equity holdings may very well become key variables for observing the strength of short-term BTC and ETH fluctuations and mid to long-term allocation willingness.

Join our community to discuss together and become stronger!
Official Telegram community: https://t.me/aicoincn
AiCoin Chinese Twitter: https://x.com/AiCoinzh
AiCoin On-chain: https://aicoin.com/hyperliquid
AiCoin exclusive Hyperliquid benefits: https://app.hyperliquid.xyz/join/AICOIN88
AiCoin exclusive Aster benefits: https://www.asterdex.com/zh-CN/referral/9C50e2

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。