Recently, an interesting on-chain movement was monitored — that "Shanzhai Short Whale" who has accumulated $84.6 million suddenly changed its strategy.

This guy was previously purely a shorting powerhouse, adding another $6.24 million within 30 days, and its full-cycle performance was even more outrageous. But in the past few days, it has made a major strategic adjustment.

**Defensive stance emerges:**

First, a significant liquidation of positions. MON, ZEC, and TRUMP have been completely cleared, and some short positions on ASTER, UNI, and PUMP have also been closed. It looks like the position is contracting, and it’s starting to show some caution.

Even more interesting is that it has added a new hedging combination — buying HYPE spot while opening short positions to hedge. This combined position has already accumulated to $7.8 million. This approach isn’t as aggressive as pure shorting; it’s more about locking in risk to protect profits.

**Cash flow is also active.** In the past 24 hours, $2 million was just withdrawn, and the current holdings remain around $22.96 million, mainly holding short positions in ETH, ASTER, UNI, plus that HYPE hedging combo.

The logic behind this adjustment is quite clear — after making so much money, shifting from pure offense to defense, using hedging to balance risk. That’s how the crypto world works; every move by big players is worth analyzing.