Recently, I've been monitoring on-chain data and discovered some interesting things. The BTC whale with a position size close to $700 million recently released a clear target through their proxy: Bitcoin aiming for $106,000, Ethereum pushing towards $4,500.

At first glance, this big player's current long position shows an unrealized loss of nearly $80 million, which sounds quite alarming. But you need to look at the details—his 5x ETH long liquidation price is set at 2150, and the market hasn't even dropped to that level. What does this indicate? There's a high probability of a short-term shakeout.

Some people are talking about JPY rate hikes, but that's an old tune; the market has already digested it. What's truly interesting is the stability of on-chain holdings. This whale's margin can still withstand the pressure, and the unrealized losses on leveraged longs are just common during oscillations. Once the trend kicks in, these unrealized losses could be recovered.

Since last week, I've been observing this logic: market pullbacks are actually opportunities to get in. The whales show no signs of reducing their positions; instead, they maintain their holdings during these adjustments, which usually signals that big players are brewing the next wave of market movement. Historical data shows that similar signals often lead to noticeable market reactions.

Spot traders shouldn't panic excessively. During oscillations, the key is to hold your positions. The bull market logic is still intact, and the space for Bitcoin and Ethereum hasn't been fully unleashed. Tracking on-chain data and understanding the mindset of big holders is often more effective than chasing highs and selling lows. When the market rhythm picks up, everything will become clear.