According to on-chain data tracking, the whale holdings of a major exchange on January 11th drew attention. The long positions reached approximately 72,000 BTC, while the short positions were only 286. This contrast is quite extreme—an almost one-sided bullish stance.

Interestingly, a similar extreme distribution of holdings occurred last April, when Bitcoin was hovering near its yearly bottom, around $74,000. After that bottom range, the market gradually rebounded.

From the perspective of the holdings structure, large investors are clearly betting on further price increases. The minimal number of shorts indicates that there is almost no shorting capital, and such highly asymmetric position distribution often signals a strong consensus among market participants. Of course, this is just one side reflected by the holdings data; a comprehensive analysis should incorporate other market signals. However, based on the whales' choices, they still have considerable confidence in the future market.