Whale Made Millions of Dollars on This Altcoin: Took Opposite Positions on Bitcoin and Seven Major Altcoins

On-chain analytics platform Arkham revealed a striking position distribution of an investor known as “Mk4” in a study published today on X. According to the data, the investor holds over $25 million in $NEAR long positions, with approximately $12.15 million in unrealized profits.

However, the same investor has different preferences in other major cryptocurrencies. Arkham reported that Mk4 holds a total of $13.1 million in short positions on Bitcoin, Ethereum, Solana, XRP, BNB, Cardano, and Avalanche.

This distribution shows that investors are holding positions that could profit from a decline in the broader market, alongside their bullish outlook for $NEAR. $NEAR’s stronger performance compared to other assets is significant in terms of this position structure.

The study also shared the change in profit over the last two weeks. $NEAR’s open interest profit, which was approximately $20.88 million at its highs two weeks ago, has decreased to $12.15 million in today’s measurement.

As a result, the profit on the position decreased by approximately $8.73 million. Nevertheless, the transaction still shows a high profit margin.

*This is not investment advice.