BTC: Andrew Kang Opens 40x Short Worth $29.9M as ETH Long Is Closed to Enter Short, ENA Hedge Adds $1.5M

According to HyperInsight monitoring on October 22, Andrew Kang, co‑founder of Mechanism Capital, trimmed a BTC short by roughly $25.32 million from address 0x0b5, locking in profits before initiating a hedging move in ENA with more than $1.5 million four hours later.

By 1:00 AM local time, the same address opened a new 40x BTC short at about $11,320, with notional exposure near $29.9 million. A residual short of around $4.16 million remained open, with unrealized P&L above 160%.

Meanwhile, a 25x ETH long was closed at the $4,008 peak to flip to a short, yielding unrealized P&L north of 100%.