A Hyperliquid trader that held the largest LIT short position opened a 20x leveraged Bitcoin long, potentially providing the bullish signal analysts had been monitoring for Bitcoin’s next advance. The trader now holds 230.52942 BTC with an unrealized profit of about $172,000, after fully closing its SOL and AVAX shorts. It still holds a 3x leveraged short of 2.528 million LIT tokens, carrying an unrealized loss of $5.13 million. Across the portfolio, long exposure is about $32.25 million and short exposure is about $85.4 million, leaving an overall unrealized loss of approximately $4.778 million and a return on investment of -40.15%, according to Hyperbot data. The move follows analysis that Bitcoin’s market structure remained broadly neutral, with stable BTC longs since Aug. 23 and declining shorts since Aug. 17. Analysts had identified a bullish shift by a Hyperliquid whale, completion of a Bitfinex whale’s BTC long, and the disappearance of negative Kimchi and Coinbase premiums as conditions for a broader upward trend; the latter two related conditions had already been met.