#数字资产市场动态 Whale whales are once again operating intensively. Can this become a signal of trend reversal this time?

I just saw an on-chain activity that caught my attention. The large holder who has been in the market recently has taken a series of actions that are worth pondering: yesterday, they closed a short position on ETH worth over $3 million on a major exchange to take profit, but shortly after, they immediately re-entered the position and pushed the average entry price down to $3246; at the same time, they continue to increase short positions on ETH, ZEC, and MON, with the total short position expanding to around $163 million; among them, ZEC is still showing a loss of over $4 million but is adding to the position against the trend, while MON's short position is actually showing a good unrealized profit and is still being expanded.

What does this set of actions mean?

First, it’s important to clarify—this is not simply about taking profits. The core logic is a typical "rollover to lower costs + expand risk exposure." When a large holder does this, it often indicates one thing: they are still very confident about a further decline, or even expect a more intense drop. Although the ETH short is already showing an unrealized profit of $14.23 million, they are not satisfied and want to lower the average entry price, subtly indicating an expectation of a deeper correction. As for ZEC, this holder has been shorting here since October, frequently operating, clearly betting on a shift in ZEC ecosystem sentiment or a change in market attitude towards high-priced coins.

How to view the macro picture? The current situation is like this: at the end of the year, liquidity tends to be tighter, and the volatility of large positions becomes particularly pronounced; those altcoins that have surged sharply earlier (like MON) are now being heavily shorted, reflecting increasing divergence in market views on high-value projects; most importantly, this whale dares to add to their position even while showing unrealized losses, which usually indicates strong confidence in the future trend rather than reckless gambling.

**My trading approach is as follows:**

In the short term, be especially cautious, particularly avoid chasing high on ZEC, MON, and other targeted assets, as the risk is high. If ETH really breaks below the $3246 level, which is the average entry price of this large holder, it could trigger chain reactions of stop-losses and follow-up sell-offs. I will continue to monitor the subsequent actions of this address but won’t blindly follow with shorts—after all, whales can also get caught on the wrong side. The key is to combine trend signals, on-chain behavior, and position management to make judgments.

Finally, I want to say: the market rhythm is often like this—bottoms appear during extreme panic, the ascent is filled with doubt, and tops explode in collective madness. The continuous shorting by this large holder essentially mirrors the current market sentiment. Volatility will definitely increase further; the key is to stick to your risk limits and wait for clear signals from the market before taking action.