According to on-chain address monitoring data, there was a significant change in positions in the crypto market on January 8th.

**Bullish pressure, substantial reduction in unrealized gains**

The well-known "BTC OG insider whale" account suffered a heavy blow. This large holder, who once had unrealized gains of up to $27 million, now has a total unrealized gain of only $7.8 million, a decrease of over 70%. Among them, BTC long positions have fallen below the average holding price of $91,500, currently at a floating loss of $170,000, with no rebalancing actions taken for now.

However, this account performed slightly better on ETH — ETH long positions still maintain a floating profit of $4.8 million, with an average holding price of $3,147, and a scale of about $660 million. The total position size of the entire account is currently around $806 million, still the top ETH, BTC, and SOL longs on the Hyperliquid platform.

The "CZ counterparty" situation is even worse. Its ETH long positions have turned from profit to loss, with a floating loss of $1.08 million, a position size of $181 million, and an average price of $3,190. Additionally, there are $84.4 million in XRP long positions, with a floating loss of $4.62 million. It is currently the largest XRP long and the second-largest ETH position holder on Hyperliquid.

**Bearish attack launched, establishing $800 million short positions**

Unlike the longs, the "Shanzhai Air Force Leader" is actively attacking. This account has established its first BTC short position with a scale of $8.2 million. The "ZEC largest short" also continued adjusting its positions last night and this morning.

Overall, the market is experiencing a rebalancing of bullish and bearish forces, and the movements of large on-chain holders are worth close attention.