Bitcoin News Update: Eni Remains Steady While Bitcoin Drops: Kang Faces Criticism for Risky Hedging Approach
Andrew Kang, a well-known trader, has recently increased his long exposure to Eni SpA (ENI.MI) as a temporary measure to offset market swings, based on the latest trading data. This adjustment comes as the Italian energy company revealed it will raise its 2025 share repurchase plan by 20% to 1.8 billion euros, following third-quarter earnings that surpassed forecasts, according to
At the same time, Kang’s
Despite Bitcoin’s rebound, Kang’s bearish stance signals ongoing doubts about the cryptocurrency’s short-term prospects. Blockchain analytics provider Arkham observed that Kang opened his short position just half an hour before Trump’s tariff news, a timing that has raised questions about its significance. Although the market has since calmed, the outcome of the short trade highlights the difficulty of forecasting crypto prices amid ongoing geopolitical and regulatory shifts.
Kang’s approach—using Eni as a hedge while holding a sizable short on BTC—illustrates the intricate relationship between global economic trends and investor sentiment in 2025. Eni’s strong quarterly performance and expanded buyback initiative may help cushion Kang against further crypto market swings. Nevertheless, his Bitcoin short remains highly volatile, with its current 50% loss exemplifying the dangers of betting against a leveraged asset in an unpredictable environment.
