A whale address, identified as 0x610, has increased its long position in Bitcoin to hedge against growing losses from short positions in precious metals. Over the past hour, the address added $2 million to its BTC long, with an average entry price of $66,200. This move marks the third BTC long position initiated by the address since February 28, as it seeks to mitigate risks associated with its short positions in gold and silver. The whale's strategy comes amid volatile market conditions, with gold prices fluctuating around $5,200 per ounce during the U.S.-Iran negotiations on February 26. Following a U.S.-Israel airstrike on February 28, gold prices spiked, exacerbating the whale's losses on its gold short. In response, the address not only increased its gold short but also opened a new short position in silver, while simultaneously turning to Bitcoin as a hedge against these losses.