#大户持仓动态 A Whale is up to something again! A super short position of 120 million USD has suddenly appeared.

A fierce operation was just discovered on-chain: a certain whale recently cleared nearly $20 million of Bitcoin spot, and immediately opened a short positions combination of BTC and $ETH with 10x leverage, pushing the total position size to $122 million, becoming the largest Bitcoin short positions currently.

It sounds wild, but digging into the account data reveals the problem—this guy's two short positions are actually both losing. BTC has an unrealized loss of 1.26 million USD, and the unrealized loss for ETH is even more dramatic, directly shrinking by 25%. It’s understandable when you think about it: high leverage is like playing with fire; you're betting on the market direction, but a market reversal can catch you off guard.

As a retail investor, it’s easy to get carried away when seeing this kind of information. But there are some things that need to be thought through:

Firstly, the Whale's short positions can only indicate that some large funds are pessimistic about the market in the short term, but never forget that the market itself is an ecology where bulls and bears coexist. While some are desperately shorting, others are quietly accumulating at the bottom. The power dynamics between the two sides are continuously changing.

Secondly, leverage is like a scalpel; when used well, it is a precise tool, but when used poorly, it becomes a deadly weapon. Large investors can withstand extreme volatility, but retail accounts cannot handle this kind of turmoil.

Thirdly, never let the label of "largest short positions" dictate your judgment. Maintaining an independent trading logic and learning to control your position are the key strategies to survive in this market.

A bull market is inherently full of fluctuations. Big players ride the waves—catching the ups and downs of each tide; retail investors should learn how to steady the ship—being stable is always more valuable than speed. It's fine to pay attention to on-chain movements, but what's more important is to recognize the range of risks you can bear. Observe the changes quietly, hold your positions, and wait for the market to show a clearer direction before taking action.