Market observers note a risk-off tilt as Bitcoin retreats, according to Coinbob Hot Address Monitor. Whale activity shows dip-buying pressure while the Ultimate Bear partially closes a long position, and the BTC OG Insider Whale records a meaningful unrealized drawdown in Hyperliquid.

In on-chain moves, pension-usdt.eth opened a 3x BTC long near $86.3k, becoming the largest BTC long on Hyperliquid. Four trades yesterday yielded about $2.8 million in realized gains; Calm Order Opener added $7.11 million in longs, with a small unrealized loss.

Meanwhile, Ultimate Bear closed an $8.6 million BTC short, realizing about $2.37 million. BTC short exposure sits near $61.9 million with an unrealized gain of roughly $18.5 million (542%), while ETH long positions remain under pressure in a broader $680 million Hyperliquid base.