On-Chain Whale Battle: The Confrontation Between Massive Losses and High Leverage Gains, Who Will Come Out on Top?

December 24, according to on-chain address monitoring data, the derivatives market is staging an intense clash between bulls and bears. Among the most eye-catching are those large traders holding hundreds of millions of dollars in positions, whose every move influences market sentiment.

Bullish Dilemma: The Tug-of-War with Tens of Millions of Dollars in Unrealized Losses

“The BTC OG Insider Whale” is currently stuck in a tough stalemate. This address holds ETH long positions with an overall unrealized loss of $36.84 million, with a loss margin of -30%. Its main holdings include ETH longs worth $603 million, with an average entry price of $3,147, while the current ETH price hovers around $3.11K. Even more alarming, the funding rate settlement for this address has recorded a loss of $2.49 million, making it the top ETH long on Hyperliquid, but this top spot comes with significant risk exposure.

The entire account maintains approximately $44.2 million in unrealized losses. Besides ETH, it also holds BTC longs and SOL longs, with total positions reaching $728 million. On the 18th, it attempted to average down ETH and SOL losses by adding more positions, but has not made any recent adjustments, seemingly waiting for a market turnaround.

Another address, “pension-usdt.eth,” although showing a profit of $75,000, holds ETH long positions with 3x leverage, with a position size of up to $89.08 million at an average price of $2,967. Yesterday, this address made a move: selling 17% of its holdings at ETH’s high point, then buying back at the low, with a replenishment amount of about $15 million. Such high-leverage trading in and out is fraught with risk.

Bear Harvesters: Continuous Gains of Over $80 Million

“Ultimate Bear” has become the biggest winner in the market. This address focuses on shorting BTC, closing positions worth about $4.35 million yesterday, recording a profit of $1.17 million in a single day. It still holds BTC short positions totaling $43.81 million, with unrealized gains of $12.02 million, an astonishing 548% return. The liquidation price is set at $102,000, while the current BTC price is around $91.26K, leaving room for further upside.

Even more impressive, since this month, this address has closed positions totaling $57 million, with take-profit orders set between $67,200 and $76,200, indicating ongoing profit-taking from this short-term rally.

Altcoin Army’s Frenzy: Over $83 Million in Profits in Less Than Two Months

“The Altcoin Army Leader” address has recently focused on shorting multiple cryptocurrencies. Currently, it holds short positions in about 13 coins, including HYPE, ASTER, UNI, and ETH, with a total position size of $22.74 million. In less than two months, it has recorded an astonishing profit of $83.14 million from shorting various coins.

Today, this address continued to close positions in ASTER, HYPE, and others, fully closing 8 coins. The most prominent short position is in ASTER — with an average entry price of $1.19, and the current price around $0.60, unrealized profit of $2.74 million (a 371% return), making it the largest on-chain ASTER short whale.

Small-Scale Battles by Individual Participants

“Paul Wei” adopts a relatively conservative trading style. Currently, his BTC longs are unrealized at a loss of about 3.2%. His position size accounts for only 12% of his total $100,000 capital, with most funds still pending orders. This address has set buy and sell orders between $86,000 and $89,200 for BTC, and since November 16, it has accumulated a profit of $3,100, employing a low-risk range trading strategy.

Market Insights

From these on-chain data, it is evident that the current market sees a stark imbalance between bullish and bearish forces. Bulls, despite holding large positions, are trapped in high-level losses, while bears and the altcoin army continue to harvest profits. This reflects a shift in market sentiment and a reassessment of risk asset valuations among participants.