On-chain whale holdings change: ETH bulls face a $2.49 million fee rate loss, while bears are closing large profitable positions.

Bullish Dilemma: Why ETH’s Major Whale Is Deep in Unrealized Losses

According to the latest on-chain monitoring data, the Ethereum (ETH) bullish camp is facing a clear predicament. The “BTC OG Insider Whale” currently holds approximately $603 million worth of ETH with 3x leverage long positions, at an average price of $3147, but has an unrealized loss of $36.84 million, representing a 30% loss. Even more noteworthy is that the account’s funding rate settlements have accumulated a loss of $2.49 million, and it is currently the top ETH long position holder on Hyperliquid.

The total position size of the entire account reaches $728 million, which includes not only ETH longs but also BTC longs and SOL longs, all in a state of unrealized losses. The overall unrealized loss for the account is about $44.2 million. Since the addition of positions on the 18th to hedge against losses, this whale has not made any adjustments, seemingly waiting for a market reversal.

Another on-chain player, “pension-usdt.eth,” holds a 3x leveraged ETH long position with a position size of approximately $89.08 million at an average price of $2967. Yesterday, this account sold 17% of its holdings at ETH’s high price, then bought back at the low, with a replenishment amount of about $15 million. Despite frequent operations, it currently records an unrealized profit of $75,000.

Short-Seller Frenzy: Multiple Coins Continue to Take Profits and Cash Out

Contrary to the predicament of the longs, the “Ultimate Short” alliance is continuously realizing profits and closing positions. Yesterday, this account closed a BTC short position worth about $4.35 million, with a single profit of approximately $1.17 million. Currently, the BTC short position size is about $43.81 million, with an unrealized profit of $12.02 million (548%), with take-profit orders set at $67,200 to $76,200. Since the beginning of the month, cumulative position closures have reached $57 million, indicating substantial gains.

More aggressively, the “Shanzhai Air Force Head” address has recently focused on multi-coin short strategies. It currently holds short positions in about 13 tokens including HYPE, ASTER, UNI, and ETH, with a total position size of approximately $22.74 million. Notably, this whale has accumulated $83.14 million in profits within less than two months by shorting multiple coins. It remains the largest on-chain short in ASTER, with an average position price of $1.19, and an unrealized profit of $2.74 million (371%). Today, this address continues to close short positions in ASTER, HYPE, and other tokens, having fully closed 8 tokens recently.

Market Divergence: Whale Actions Signal Market Trends

“Paul Wei” operates more cautiously, with current BTC long positions showing an unrealized loss of about 3.2%. These positions account for 12% of his total capital of $100,000, with most funds remaining in pending orders to maintain flexibility. The account adjusted its BTC long and short order ranges to $85,600 to $89,200, and since November 16, it has recorded a total profit of $3,100.

Currently, the market exhibits a clear divergence: longs are continuing to suffer losses while shorts are cashing out with good unrealized gains. This pattern often indicates that the market may face correction pressure, and the short-term profit-taking behavior of whales also suggests that short-term risks could gradually be released.