A prominent crypto whale, identified by the address starting with 0x939, is experiencing significant losses as altcoins outperform Bitcoin in the latest market rally. The whale holds approximately $24.8 million in Bitcoin long positions, currently facing an unrealized loss of $1.01 million. Additionally, the whale has short positions totaling $26.4 million across eight altcoins, including Ethereum, XRP, and Cardano, all of which have also entered unrealized loss territory. This strategy, which involves maintaining balanced long and short positions, was intended to hedge against market downturns by betting on Bitcoin's resilience compared to higher-beta altcoins. However, with Bitcoin rising 4.4% and altcoins like Ethereum, XRP, and Cardano surging by 8.3%, 5.9%, and 10.7% respectively, the whale's positions are under pressure, resulting in a daily drawdown exceeding $600,000. If the trend of altcoins outperforming Bitcoin continues, the whale's losses could further escalate.