On January 7th, on-chain data showed that a large holder closed their BTC long position after holding for 53 days, resulting in a loss of $588,000. Interestingly, just 45 minutes later, the same wallet took action again — shorting 139.62 BTC with 3x leverage, equivalent to a position of $12.94 million. According to exchange data, the average entry price for this short was around $92,739.2. Switching from long to short, such a significant adjustment usually reflects a new short-term market outlook from the large holder. Currently, this short position is in a slight loss, and the future trend will depend on whether BTC can effectively hold its current price.