Major long positions collectively floating in loss: BTC short-term decline, $1.1 billion whale holdings underwater

BTC short-term pullback is exerting a tangible impact on the on-chain main long positions. According to the latest news, on January 12th, multiple top long whale accounts, including the “BTC OG Insider Whale,” have shifted from profit to loss, with “BTC OG Insider Whale” alone showing an unrealized loss of approximately $2 million. This is not an isolated case but part of a collective holding pressure.

Overview of Whale Holdings Status

Based on on-chain data monitoring, the unrealized losses of the main long positions are as follows:

The combined long positions of these three whales exceed $1.1 billion, all currently facing varying degrees of paper losses.

Specific Impact of Short-term Pullback

BTC Price Under Pressure

According to the latest data, BTC is currently priced at $90,669.21, down 1.90% over the past 7 days. Although this is a modest pullback, it has put significant pressure on longs with higher average entry prices. Notably, the “Strategy Counterparty” continued adding to their position after establishing a long at around $90,600 early today, now in an unrealized loss.

Position Structure Divergence

It is worth noting that the holdings of different whales are not uniformly affected. For example, in the “BTC OG Insider Whale” account, the SOL long position remains profitable (unrealized profit of about $5.04 million, average entry price $130, position size approximately $71.6 million), indicating significant performance differences across various assets.

Signal of Whales Continuing to Add Positions

Despite the paper losses, these whales’ behaviors reveal a key signal: they are not stop-lossing but are instead continuing to add to their positions. The “Strategy Counterparty” has been increasing their long position since early today, with holdings now reaching $310 million, making it the second-largest long whale on-chain after the “BTC OG Insider Whale.”

This behavior suggests that these top longs remain confident about the future market trend. They may be looking at a longer-term perspective, believing that the current pullback is merely a short-term correction.

Future Directions to Watch

• Support Level Testing: Whether BTC can find support near the current price will directly influence whales’ willingness to add positions.
• Adding Pace: Whether whales continue to increase their holdings or choose to wait and see will be an important market sentiment indicator.
• Performance of Other Assets: The performance differences among assets like SOL may reflect genuine capital preferences.

Summary

While BTC’s short-term pullback has caused collective unrealized losses among major longs, it does not signal market collapse. The key point is that these top longs are choosing to add rather than cut losses in the face of short-term pressure, indicating their confidence in the medium to long-term trend. The temporary paper losses may simply be normal fluctuations within a long-term strategic layout. Watching whether BTC can hold its support levels and the pace at which whales add positions will be crucial for assessing the market’s future direction.