According to on-chain address monitoring data, significant position changes appeared in the crypto market on January 8.

**Longs Under Pressure, Floating Profits Shrink Significantly**

The renowned "BTC OG Insider Whale" account suffered heavy losses. This major holder, once with floating profits as high as $27 million, now has total floating profits narrowed to $7.8 million, a contraction of over 70%. The BTC long position has broken through the cost average of $91,500, currently in a floating loss state of $170,000, with no position adjustment operations carried out yet.

However, this account's performance on ETH is slightly better — the ETH long position maintains $4.8 million in floating profits, with a cost average of $3,147 and a position size of approximately $660 million. The entire account's total position size is around $806 million, still the top player for ETH, BTC, and SOL longs on the Hyperliquid platform.

The situation for "CZ's Counterparty" is worse. Its ETH long position has turned from gains to losses, currently in a floating loss of $1.08 million with a position size of $181 million and a cost average of $3,190. There is also an $84.4 million XRP long position with a floating loss of $4.62 million. It is currently the largest XRP long holder and the second-largest ETH position holder on Hyperliquid.

**Shorts Launch Offensive, Establish $800 Million Short Positions**

Unlike the longs, the "Altcoin Short Army Leader" is actively attacking. This account established BTC short positions for the first time with a scale reaching $8.2 million. The "ZEC Largest Shorter" also continued adjusting positions last night and this morning.

Overall, the market is experiencing a new round of long-short power confrontation, with the movements of on-chain whales worthy of close attention.