On May 28, 2026, the market suddenly shivered at a high position: According to AiCoin data, BTC was reported at about $73,524, with a 24-hour decline of about 3.13%, ETH fell to about $1,994, with a decline of about 4.20%. The overall funding rate shifted to a bearish sentiment, with ETH showing a significantly stronger bearish sentiment than BTC. Just as most bulls began to retract their positions, the address pension-usdt.eth, regarded as one of the "biggest shorts" in the current market, pressed the accelerator against the trend, adding about 400 BTC short positions on Hyperliquid during the decline, with a nominal value of about $29.4 million, expanding its nominal BTC short position to about $100–102 million, with a leverage of about 3 times— and at the current price level, this vast short position was still in a state of unrealized loss. Beyond the on-chain and market confrontation, a legal dispute surrounding "lost property" was exposed on the same day: an individual using the alias "Noah Doi" initiated a lawsuit based on New York's Lost Property Law, claiming the right to obtain about 3.8 million long-dormant bitcoins, including a USB drive previously registered by the New York Police as lost property, containing wallet information for 39,069 BTC. This batch of claimed assets was estimated at around $28.5–28.6 billion at that time market valuation, pushing the uncertainties of law and potential supply into the spotlight amid price pullbacks and major short additions.

The Biggest Short Adds Positions Against the Trend to Suppress Bitcoin

According to AiCoin data, while the market was continuously discussing the lawsuit and potential selling pressure, the address pension-usdt.eth, tracked as a leading BTC short account on Hyperliquid, chose to continue increasing its short positions against the trend during the price pullback. In this round of decline, it added about 400 BTC short positions at once, corresponding to a nominal value of about $29.4 million, further expanding its overall nominal BTC short exposure on the platform to about $100–102 million, with the leverage level maintained at around 3 times. This behavior of "chasing shorts" during a downturn magnified personal judgment into a bet with symbolic significance on the market path.

As Bitcoin's price hovered around $73,524, still within the 72,000–75,000 dollar liquidation concentration range, this high-leverage short was already in an unrealized loss state, and time began to stand against it. If the shorts want to wait for the price to drop significantly for profit, they need to endure the continuous pressure on margin from price rebounds during this period; conversely, if the price breaks above the upper edge of the range, such scale and leverage of shorts may be forced to reduce positions or cut losses, potentially amplifying momentum on the long side. Therefore, the follow-up decision of whether this account chooses to hold onto its unrealized losses and continue adding positions, or to liquidate passively or actively under pressure, may become a mirror reflecting the current direction and strength comparison in the long-short game.

The Liquidation Gallows in the 72,000–75,000 Range

According to AiCoin's statistical liquidation projections, during Bitcoin's oscillation above the $72,000–75,000 range, the potential liquidation positions for both longs and shorts were almost compressed within the same price corridor. The current price of about $73,524 is right in the middle of this corridor, with one foot on the cliff of the bulls and the other foot approaching the minefield of the bears: Once it drops below $72,000, the long side's accumulated leverage position of about $807 million would be concentrated towards liquidation, with every further decline in price acting like continuous pressure on a row of dominoes; conversely, if the price breaks above $75,000, about $1.058 billion of short positions might be progressively squeezed out, forcing short traders from speculative positions to heavily established shorts to choose between adding margin and passive liquidation.

The nominal scale of about $100–102 million BTC short position held by pension-usdt.eth on Hyperliquid hangs near this price range, forced to stand on the liquidation gallows along with the whole market: If Bitcoin breaks above $75,000, such heavily short positions will not only see their unrealized losses rapidly amplify, but in their stop-loss or liquidation, they will passively contribute upward momentum to the bulls; as long as the price remains oscillating within the $72,000–75,000 range, these positions will continue to endure the test of volatility, making this range itself the most intense battlefield of the long-short game, also the most likely to evolve into a unilateral choice.

ETH Becomes the Focus of the Decline Amidst Overall Pullback

While Bitcoin oscillated in the $72,000–75,000 liquidation dense band, Ethereum was truly pushed to the "mood amplifier" position. Around May 28, 2026, according to AiCoin data, Bitcoin's price was around $73,524, with a 24-hour decline of about 3.13%, while Ethereum was approximately $1,994, with a decline of about 4.20%, showing a significantly magnified pullback, directly tagging ETH as the "early leader in decline." The price differences were merely superficial; the more instructive factor was sentiment: materials from the bullish side showed that the overall funding rate leaned bearish, with bearish sentiment on the ETH side notably stronger than on BTC, and the cost to short was actively raised by the market, indicating that participants were more willing to express their pessimistic expectations concentrated on ETH.

In this structure, Bitcoin was viewed as the "main battlefield" around key price levels, but not the preferred tool for venting panic; the real carrier of risk aversion sentiment was the more volatile ETH: When investors were hesitant to bet directly on a significant downside break for BTC, they turned to enlarge ETH short positions to hedge, or used ETH's price decline to express their pessimistic judgments on macro and crypto overall. The result was, when BTC barely held its range, and both long and short sides were at a stalemate at the same time, ETH had already taken the lead in achieving a relatively deeper decline, contracting overall market risk appetite and making this pullback more like a collective choice to "step out the bottom line using ETH first."

3.8 Million Dormant Bitcoins Targeted by the Court

While market participants were still engaging in futures and ETH shorts to speculate on short-term directions, another slower and heavier uncertainty emerged from the courts. An individual using the alias "Noah Doi" recently filed a lawsuit in New York, citing relevant provisions of New York's Lost Property Law, claiming rights to about 3.8 million long-dormant bitcoins. Based on a price of about $73,500 per coin at the time, this part of the holdings was estimated to have an account scale in the range of $28.5–28.6 billion, essentially dragging a "hidden super seller" directly onto the legal stage.

The most concrete hint in the case materials is a USB drive registered by the New York police as lost property, which contains wallet information for about 39,069 BTC. In other words, the on-chain assets corresponding to this physical carrier have actually entered the stage of judicial contest, and it is currently unclear who has the right to dispose of it under what conditions, as disclosed information has not provided answers. For the market, if such a large-scale dormant asset is deemed by the court to be disposable "found property," when and at what pace it returns to circulation could potentially be anticipated by investors and factored into long-term expectations, adding a layer of chronic shadows concerning legal attributes and potential selling pressure paths, in addition to the short-term oscillation around the liquidation band.

Observation Checklist Post High-Stakes Shorts and Legal Battle

Within the $72,000–75,000 concentrated liquidation band, the decision of high-leverage big shorts to continue adding positions made the short-term market resemble a fully drawn bowstring: According to AiCoin data, if it drops below $72,000, the long side’s potential strong liquidation is around $807 million; if it breaks above $75,000, about $1.058 billion in shorts face concentrated strikes, while pension-usdt.eth still holds onto approximately $100–102 million of nominal BTC shorts and continues to add positions in this round of pullback, magnifying this sense of volatility preference of "either a severe reversal or an accelerated trend." Meanwhile, the lawsuit involving about 3.8 million bitcoins has entered the judicial process; though it may be difficult to directly transform into on-chain disposal actions in the short term, it has begun reshaping a critical expectation: in the eyes of the court, who truly "owns" these on-chain assets. Moving forward, the market needs to closely monitor three clues: first, the final breakthrough direction of BTC in the $72,000–75,000 range; second, whether big shorts like pension-usdt.eth choose to add positions while in the red, reduce positions, or exit passively; third, whether there are directional changes in the public progress of the lawsuit involving the 3.8 million BTC. These three clues will collectively outline whether this round of market movement is dragged into a deep pullback by short-heavy betting or whether it will complete another emotional reversal under legal shadows.

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