According to on-chain analyst Ai Yi, four major addresses are suspected of participating in XPL hedging operations, generating cumulative profits of $46.1 million. The detailed analysis is as follows:

The address 0xb9c…6801e is the main driving address: it has been accumulating long orders in small amounts since August 24th, and at 05:35 this morning, a large amount of buying pushed up the short orders.

Addresses 0xe41...858c7, 0x006...2a78f, and 0x894...00779 cooperated with the liquidation of profit-making addresses: they all completed long position accumulation between August 22 and 26, and began to close their positions at the short-term peak of XPL.

Relationship between addresses:

The funds at addresses 0xe41...858c7 and 0x006...2a78f come from the same source. The former's Debank username is silentraven, who made a profit of over $10 million in May this year by going long on HYPE.

Although the address 0xb9c…6801e has no direct financial connection with the above two addresses, the three have something in common: the margin is obtained through debridge cross-chain transactions and the operation habits are similar;

Address 0x894...00779 is relatively independent, and the margin comes from Binance. It may be related to the three addresses above, or it may be due to good luck to catch the rise of XPL and complete the profit.