January Market Volatility: BTC OG Whales' Unrealized Gains Narrow, Bulls and Bears Engage in Intense Confrontation, Strategy Opponent Uses 20x Leverage for Bottom Fishing

【Crypto Rhythm】Whale addresses’ every move often reveals the deeper game in the market. Recent on-chain data shows that several top addresses have been adjusting their holdings quite frequently in mainstream cryptocurrencies like BTC and ETH, reflecting an intense tug-of-war between bullish and bearish forces in the current market.

Let’s first look at the movements of the “BTC OG Insider Whale.” This top institutional account currently has a total unrealized profit of $15.5 million, but it has significantly narrowed compared to earlier, and has not yet made any rebalancing moves. Its core holdings are ETH long positions, approximately $720 million in size, with an unrealized profit of $12.6 million(8%), at an average price of $3,161. Additionally, it holds long positions in BTC, SOL, and others, with a total account size of $880 million, making it the top ETH and SOL long address on the Hyperliquid platform. This “standing still” stance may indicate that the address is observing key support levels for the next move.

In contrast, “CZ’s Opponent” is in a less favorable position. This account has shifted from profit to an unrealized loss of $12 million. The core loss comes from XRP long positions( with a scale of $75.6 million, unrealized loss of $13.3 million), while its $720 million ETH position is showing a floating profit of $1.4 million, at an average price of $3,190. With a total holding of $264 million, this address is currently the largest XRP long and the second-largest ETH long on the Hyperliquid platform.

The “ZEC Largest Short” in the bearish camp is also adjusting its positions rapidly. This address has been continuously closing MON short positions for profit while increasing FARTCOIN holdings as a hedge. Currently, the total short position is about $167 million, making it the largest on-chain ETH short. Meanwhile, the “Altcoin Army Leader” has significantly increased its LIT holdings, with a current short position of $7.4 million, realizing a profit of $3.3 million, at an average price of $2.617. The total short position on this account approaches $49 million.

Most notably, the “Strategy Opponent” has taken aggressive actions. In the past two hours, this address closed out long positions in three major mainstream coins, incurring a loss of over $15.3 million. It then opened BTC and ETH long positions with 20x leverage to bottom-fish, with a combined position size reaching $40 million. Currently, it has placed buy orders worth about $80 million at BTC prices between $91,300-$91,500 and ETH prices between $2,800-$3,155. This pattern of cutting losses first and then aggressively bottom-fishing reflects market participants’ optimism about current prices.

Additionally, the “pension-usdt.eth” address, which opened a 3x leveraged BTC long position on the 16th, is currently at a floating loss, with a position size of $92.58 million, an average price of $95,600, and an unrealized loss of $3 million.

From this series of data, it is clear that whale addresses have varying attitudes toward the current market: some are observing, some are cutting losses, and others are aggressively bottom-fishing. This reflects differing short-term outlooks on mainstream cryptocurrencies like BTC and ETH, and also hints that the market may be brewing new variables.