From 7.26 million to 16.85 million, this BTC OG giant whale's 3-day blood and tears ledger

On-chain whales’ every move often reflects the deeper logic of the market. According to the latest news, the “BTC OG Insider Whale” closely watched by the market has seen its unrealized losses double in just 3 days, expanding from $7.26 million on January 20 to $16.85 million today. This not only directly reflects the market decline but also illustrates the true picture of high-leverage longs in a bear market.

Position Blood and Tears Ledger

Based on Hyperinsight monitoring data, the current specific loss situation of this whale is as follows:

Total Position Value: $797 million

The story behind this number is clear: ETH’s sharp decline is the main source of this whale’s losses. When Ethereum dropped to around $2,900, its 5x leveraged long position had an unrealized loss of $60.24 million, accounting for over 80% of the total unrealized loss.

Market Background: From 92,000 to 91,000

The loss expansion over these 3 days is no coincidence. Quick reports show that Bitcoin’s price retreated from recent highs, briefly breaking below the key psychological level of $92,000, then continued to decline below $91,000. During this process, Ethereum’s decline was even more dramatic, directly falling below $3,100 and eventually dropping to $2,900.

According to relevant information, new whale holders (UTXO holding period less than 155 days) are facing significant pressure. The average cost basis of this group is around $98,000, with overall unrealized losses reaching approximately $6 billion. This indicates that the entire bullish camp in the market is under pressure.

The Cost of Inaction

Interestingly, this whale has not made any new moves since adding to its ETH long position five days ago. During these three days of intense market volatility, it chose to hold steady. This resolve may reflect its judgment of the future market, but the cost is paying daily funding fees.

The accumulated funding fee loss of $8.124 million is noteworthy—this is the implicit cost of holding long positions. In the current market environment, even without trading, the position itself is “bleeding.” This explains why high-leverage traders face a double squeeze: first, the unrealized losses caused by falling prices; second, the holding costs driven by high funding rates.

Signals of Market Divergence

From a broader perspective, this whale’s experience reflects current market segmentation. Related reports mention that “shanzhai short armies” and other short players are starting to close large positions to take profits, while main long positions like “BTC OG Insider Whale” are choosing to stand firm. This indicates a clear divergence in market outlooks.

The bulls may believe this is a short-term correction, while the bears see it as the beginning of a trend reversal. In this divergence, high-leverage longs are under the greatest pressure.

Summary

The loss expanding from $7.26 million to $16.85 million over three days tells a story about the market, risk, and choices. The whale’s position structure (high leverage, heavy ETH) has become the most vulnerable link in a declining market. A deeper insight is that even well-capitalized, experienced on-chain whales need to withstand significant psychological and financial pressure in a high-leverage, bear market environment. When market sentiment shifts from bullish to bearish, the resolve of holding positions must be supported by sufficient capital, and the ongoing consumption of funding fees is a concrete manifestation of this pressure.