**["Ultimate Bear" Closes BTC Short Positions for the First Time This Month, Holding Scale Around $103 Million]** On November 25, monitoring data showed that the "Ultimate Bear" whale address (0x5D2) has been continuously closing BTC short positions for profit-taking over the past hour. Approximately $4.3 million has been closed, with a profit of $1.17 million, and there remains an unrealized profit of $28.15 million. The current holding scale is approximately $103 million, with an average price of $111,500 and a liquidation price of $94,800, making it the largest BTC short position on the Hyperliquid platform. This address has withdrawn approximately $34.09 million in margin this month and transferred $40 million to a Binance wallet. Today, it slightly transferred $3 million in margin to raise the average price. This year, the address has opened four large BTC short positions, all of which resulted in losses totaling $5.48 million. This current short position has been partially closed for profit-taking since October 11, accounting for 40% of the position, with a profit of approximately $5.17 million. Funding rate settlements have recorded a profit of $9.32 million.