Hello everyone, I am Shen Ge. Recently, the cryptocurrency market seems calm, but there are plenty of big secrets hidden on-chain — especially that 'insider whale' who precisely opened a short position during the flash crash on 1011; as soon as the latest holding data was released, it directly caused quite a stir among many fans.#巨鲸动向

First, let me provide some background for the new followers: On October 11th, during that epic flash crash, a total of 13.475 billion USD was liquidated across the internet, with over 1.6 million investors suffering heavy losses, while this mysterious whale precisely opened a short position at the policy news node and made a fortune at that time. Now, with the updated on-chain data, Shen Ge discovered after analyzing the latest holdings that this big shot's operations are quite wild — total assets have surprisingly surged to 665 million USD, but at the same time, the unrealized loss has reached 17.67 million USD!

Let's first look at the core data; everyone should clearly see this wave of "crazy accumulation but increasing losses":

✅ ETH: Holding 175,595.44 coins, worth $541 million at the current price, opening price $3,173.34, floating loss of $15.23 million (this is a significant floating loss, accounting for nearly 90%);

✅ BTC: Holding 1,000 coins, worth $90.32 million, opening price $91,506.7, floating loss of $1.195 million;

✅ SOL: Holding 250,000 coins, worth $33.12 million, opening price $137.53, floating loss of $1.253 million;

Some fans might ask: "Is this whale foolish? It made money shorting on 1011 and is now heavily bottom-fishing in mainstream coins like ETH and BTC? And it has lost so much." Don’t worry, this is exactly the key I want to discuss with everyone – the whale's floating loss may conceal a real judgment about the future market, and it serves as a reminder for us ordinary investors.

Let's break down the underlying logic of this operation: Why would the whale continue to increase positions at this point? On-chain data shows that its asset growth mainly relies on completed orders during ETH's decline, which means buying more as mainstream coins drop. This aligns perfectly with the market structure we previously observed – after the flash crash on 1011, the market entered a period of consolidation, retail investors hurried to cut losses, while whales quietly accumulated. But the problem is, the cost of their increased positions is not low, leading to a current floating loss of over $17 million.

I have three core views, everyone should remember:

First, the whale's "floating loss" is strategic; it is not really trapped. You should know that during the flash crash on 1011, it made a huge profit from shorting, and the current floating loss is only part of the profit being given back. The essence of their willingness to heavily invest in ETH, BTC, and SOL at this position is a bet on the long-term value of these mainstream coins – after all, the current market leverage has been cleaned out, and it belongs to a phase of "de-bubble" layout. Especially for ETH, although it has the largest floating loss now, on-chain data shows that spot whales have consistently held on, and exchange reserves have fallen to historical lows, with chips shifting from weak hands to strong hands. This wave of whale accumulation is likely a layout for the medium to long-term market.

Second, this operation once again verifies the core difference between "whale thinking" and retail investors: Retail investors fear floating losses, while whales focus on the bigger picture. Ordinary investors panic and stop-loss during a pullback, while whales utilize market panic to collect chips. But there is a key prerequisite – whales have enough capital to withstand volatility; we ordinary investors cannot blindly follow the trend and bottom-fish since our capital and risk tolerance are not on the same level.

Third, the current market is still in the "macro-dominated + whale-controlled" stage. The trigger for the flash crash on 1011 was the resonance of U.S. tariff policies and macro risks, and the current market remains highly correlated with traditional finance (Bitcoin's correlation with the S&P 500 is as high as 0.78). Macro signals like Federal Reserve policies and ETF fund flows are more critical than the technicals of individual coins. The current holding structure of whales is also betting on subsequent macro liquidity easing; once interest rates are cut, mainstream coins are likely to welcome a new round of market activity.

After discussing opinions, let me share my upcoming operational plans with everyone, and provide a reference (for thought sharing only, not investment advice):

1. Position Control: Maintain a 50% position, do not blindly bottom-fish or easily go to cash. Although whales are increasing their positions, there is still uncertainty in the current market (such as ETF fund flows, U.S. Treasury risks), so keeping enough funds to cope with volatility is key. If ETH drops below $3,000 and BTC drops below $85,000, I will consider gradually increasing positions in mainstream cryptocurrencies.

2. Key Indicators to Focus On: First, ETF fund flows; if there is a net outflow of over $1 billion for two consecutive weeks, it indicates an institutional trend reversal, and it is essential to reduce positions decisively; second, on-chain data, focusing on tracking changes in mainstream cryptocurrency exchange inventories. If they continue to decline like ETH, it indicates further concentration of holdings, and the medium to long-term outlook can be more optimistic; third, macro signals; the December Federal Reserve's interest rate cut will directly impact market direction.

3. Avoid traps: Do not follow the trend to chase altcoins. The current market is still in the "whale accumulation period"; altcoins are highly volatile and have poor liquidity, making it easy to get cut. Prioritize mainstream coins with fundamental support and sectors with favorable policies (such as XRP, DeFi blue chips).

Finally, to summarize: The crypto world is always a market where "a few people make money from the majority." The biggest insight from whale operations is not to follow the trend but to learn their "counter-cyclical thinking" and "risk control." A floating loss of $17.67 million against a total asset of $665 million may just be a drop in the bucket, while we ordinary investors need to preserve our capital in a volatile market and wait for clear market signals.

What do you think about this wave of whale operations? Or if you have other on-chain data you want to know about, feel free to leave a message in the comments, and I will reply one by one. Follow me for trend analysis, and I will help you see through the underlying logic of the crypto world and avoid the trap!