Andrew Kang Increases ENA Long and Opens Bitcoin Short Amid Bitcoin Rally, Facing Over 50% Unrealized Loss

As reported by COINOTAG News and monitored by HyperInsight, Andrew Kang, co-founder of Mechanism Capital, adjusted his ENA exposure. He added to a long ENA position at an average price of about $0.465, lifting the position’s nominal value to roughly $4.08 million and leaving an unrealized return above 90%. The move signals sustained interest in ENA among significant market participants and aligns with observed accumulation signals.

Earlier monitoring shows the same address partially closed a ENA long around 14 hours ago to lock in profits, before deploying funds into a BTC short with an average entry price of approximately $11.36 million and a nominal value near $3.2 million. Amid today’s BTC strength, the short position has slipped into more than a 50% unrealized loss, illustrating hedging risk and the volatility of cross-asset strategies by prominent market participants.