On January 9, a prominent on-chain whale executed a sudden and aggressive position unwind amid heightened market volatility. Data reveals that as Bitcoin briefly slipped below the critical $90,000 mark, the trader closed four highly leveraged long positions within an hour, sending shockwaves across the crypto trading community.
Sharp Decline in Exposure
The rapid deleveraging slashed total holdings from $352 million down to $180 million—a nearly 50% reduction. The breakdown includes:
- 15x leveraged BTC long: Reduced from $137 million to $31.27 million, with an average entry at $90,100;
- 15x leveraged ETH long: Dropped from $137 million to $100 million, averaging $3,092 upon entry.
The Contrarian Behind the Moves
Active since December, this address started with around $20 million and steadily built bearish exposure on major cryptocurrencies. Its trading pattern contrasted sharply with institutional BTC accumulators, earning it a reputation as a notable on-chain contrarian signal.
This latest move highlights the risks of high-leverage strategies during volatile swings and suggests a potential shift in market dynamics. As macro conditions evolve, the sustainability of such inverse plays is now under intense scrutiny.