Bitcoin News Today: Eni's Stability vs. Bitcoin's Plunge: Kang's High-Risk Hedging Strategy Under Fire

Andrew Kang, a prominent trader, has temporarily increased his long position in Eni SpA (ENI.MI) to hedge against market volatility, according to recent market activity. This move coincides with the Italian energy giant's announcement of a 20% boost to its 2025 share buyback program to 1.8 billion euros, following better-than-expected third-quarter results, according to a Reuters report. Eni's adjusted net profit of 1.25 billion euros exceeded analyst expectations, signaling strong operational resilience amid fluctuating energy markets. Kang's strategic allocation to Eni appears aimed at balancing exposure to equities and cryptocurrencies, which have shown heightened sensitivity to macroeconomic shifts in recent weeks.

Meanwhile, Kang's Bitcoin short position, opened shortly before President Donald Trump's October 10 announcement of a 100% additional tariff on Chinese goods, has faced significant losses. The position, initially valued at $234 million, is now down over 50% as Bitcoin (BTC) has rebounded to $108,202 from a post-crash low of $104,000, as CoinDesk reported. The October 10 sell-off, which saw BTC plunge from $122,000 to $104,000, was triggered by Trump's tariff escalation and China's rare earth export restrictions, compounded by technical issues at Binance that amplified volatility, according to Yahoo Finance. Kang's short, placed via the decentralized exchange Hyperliquid, carries a liquidation price of $123,000, meaning further gains in BTC could force a margin call.

The trader's bearish bet, however, reflects a broader skepticism about Bitcoin's near-term trajectory despite its post-crash recovery. On-chain analytics firm Arkham noted that Kang's position was established 30 minutes before Trump's tariff announcement, a timing that has drawn scrutiny for its potential implications. While the market has since stabilized, the short's performance underscores the challenges of predicting crypto price movements in a climate of geopolitical and regulatory uncertainty.

Kang's dual strategy—hedging with Eni while maintaining a high-risk BTC short—highlights the complex interplay of macroeconomic factors and market sentiment in 2025. Eni's robust Q3 results and expanded buyback program offer a counterpoint to the crypto market's turbulence, potentially providing Kang with a buffer against further BTC volatility. Yet the trader's Bitcoin position remains a wildcard, with its current 50% drawdown reflecting the inherent risks of shorting a highly leveraged asset in a rapidly evolving landscape.